Vardhaman Spinning - Swing Trading Pick

TradersEdge · #1 5th September 2004, 11:45 AM

Vardhaman Spinning - Swing Trading Pick

After moving in a chennel for over 6 weeks, Vardhaman Spinning ...

Please see attched chart for trading signal, profit target and stoploss!

amc · #2 5th September 2004, 01:42 PM

Very Good Call!

The people at tradersedgeindia.com have an uncanny knack and ability to select stocks with strong trending and swinging qualities.

I will definately look into this call!

Mohan · #3 7th September 2004, 07:57 PM

Anybody bought Vardhaman Spinning??

I bought it at 217.20 yesterday and its currently closed at 225.00 on good volumes.

Wonder where it is headed?

TradersEdge · #4 10th September 2004, 10:31 AM

IMPORTANT NEWS ON VARDHMAN SPINNING

Quote:

Vardhman Spinning & General Mills Ltd has informed the Exchange that at its meeting of the BOD held on September 09, 2004 the following has been decided: Pursuant to the recommendations of the Special Committee appointed by the Company to consider and deliberate the various options for restructuring the Company, the BOD of the company has resolved that the company undertake a Scheme of Arrangement and Demerger among the company, Mahavir Spinning Mills Ltd and their respective shareholders and creditors (hereinafter referred to as the 'Scheme') under Section 391 to 394 of the Companies Act, 1956.

The salient features of the Scheme are as follows: 1) Demerger of the textile undertaking of Vardhman Spinning, including all assets and liabilities associated with the undertaking, and its vesting in Mahavir Spinning. 2) The Appointed Date for the Scheme is April 1, 2004. 3) For every 10 shares held in Vardhman Spinning, each equity shareholders of Vardhman Spinning will be issued 8 shares of face value of Rs.10 each credited as fully paid up in Mahavir Spinning and shall retain 2 shares of face value of Rs.10 each as fully paid up in Vardhman Spinning.

This swap ratio is based on the recommendation of an independent valuer, M/s. ICICI Securities. The Scheme is subject to the approval of the BOD of Mahavir Spining, the requisite majority of the shareholders and creditors of Vardhman Spinning and Mahavir Spinning, the High Court of Punjab and Haryana at Chandigarh, and any other statutory or regulatory authorities, which by law may be necessary in connection with the scheme.

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