Priyadarshini Spinning Mill's board recommends 10% dividend

Hyderabad, Aug 24 (UNI) The Board of Directors of Priyadarshini Spinning Mills Ltd, a leading manufacturer of cotton and synthetic yarn, today recommended a dividend of 10 per cent on equity capital of the company for the year ended March 31, 2006.

The Q1 result for the year 2006-2007 reflects a 25 per cent jump in net profits in comparision to the corresponding quarter of the previous year. The key highlight of this quater was the completion of the first phase of expansion, the plant's capacity was expanded from 60,000 spindles to 82,000 spindles in August 2006, a company release said.

Company's Managing Director Harish Cherukuri said, they were targeting revenues of 220 crore for the present financial year ending March 07.

He said that the company was now going to focus on the second phase of expansion, which would be on yarn dyeing. We were increasing our yarn dyeing capacity from 1.0 M T per day to 10.0 M T capacity per day, he added.

This would make Priyadashini one of the largest yarn dyeing companies in South India. The Bhoomi-pooja of the garment factory had been completed and the construction work was in full swing.

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