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Thursday, Jun 01, 2006

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Gokaldas survives bear onslaught

Rajesh Abraham

Shares of Gokaldas Exports, a leading garment exporter, rose by Rs 18.30 (over 3.02 per cent) to Rs 624 on Wednesday even as prices of most other stocks fell.

Dealers said that the company was expected to do well following an estimated 20 per cent shortfall in Chinese textile quotas to the US and the European Union. The Bangalore-based company, which has been accorded `preferred vendor' status by leading brands such as Nike, GAP, Old Navy, Tom Tailor, and Lebek International, is expected to reap rich harvests from the abolition of the quota regime, said a leading domestic broking outfit, which has come out with a `buy' recommendation on the stock.

On the NSE, however, the company failed to buck the trend; the stock fell by Rs 10.70 (1.75 per cent) to Rs 600.

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