Nirmal Bang Research is bullish on Bombay Dyeing & Mfg Company Ltd and maintained ‘Buy’ rating on the stock to achieve a target between Rs 225-240 within 1-5 days.

Traders can buy the stock on dips with a stop loss of Rs 178.

Shares of the company, on Tuesday (April 21), closed at Rs 193.60 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 1065 and a low of Rs 110 on BSE.

The structure looks very positive, so buy the stock and hold, if it maintains above Rs 199, a big move is expected.

In a major announcement, Bombay Dyeing & Manufacturing Company Ltd said that the Company will publish the audited results for the year ended March 31, 2009 latest by June 30, 2009 i.e. within a period of three months from the close of the accounting year.

The Company will, therefore, not be publishing the unaudited results for the fourth quarter ended March 31, 2009.

Reliance Capital Trustee, a Anil Dhirubhai Ambani Group firm, on April 03, has announced that it has raised its holding stake in Bombay Dyeing & Manufacturing Company to 5.19%.

Reliance Capital Trustee purchased more than 3.70 lakh equity shares on March 30 for Rs 5.99 crore under an open market deal.

Consequent to the aforementioned attainment of more than 3.74 lakh equity shares, Reliance Capital Trustee now possesses over 20.06 lakh equity shares of Rs 10 each.

Before this deal, Reliance Capital Trustee hold 16.36 lakh shares, making up 4.23% for the entire paid up equity of Bombay Dyeing & Manufacturing Company.

The Wadia group chairman Nusli Wadia, on April 09, has started re-organization of the top deck at its flagship firm.

The company’s joint managing director and head of the polyester stable fibre (PSF) division, P V Kuppuswamy has now been given extra charge of the textile and property sections.

The company has also appointed S Rajappa as COO of the textile segment.

Rajappa has worked with a number of other textile majors before joining the Wadia flagship.