Sri Nachammai Cotton Mills Ltd Share Price Textiles
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Incorporated in Mar.'80 as a wholly-owned subsidiary of Jawahar Mills, Sri Nachammai Cotton Mills (SNCM) was converted into a public limited company in Jun.'82. SNCM was promoted by R M Ramanathan and P Palaniappan. R M Ramanathan is the chairman and P Palaniappan, the managing director. The other group companies are Sree Uma Parameshwari Mills, Uma Maheshwari Mills, etc. SNCM manufactures combed and carded cotton hosiery yarn of counts ranging from 20s to 40s which are used to convert the same into fabric or garments for exports. In Jan.'95, the company made a Rs 7.52-cr public issue (premium : Rs 60) to part-finance the capital expenditure on modernisation and diversification (into wind energy generation) projects and to augment long-term resources for working capital. The cost of the project, as estimated by IDBI, was Rs 11.80 cr. SNCM markets the bulk of its products to units in Tirupur, an active business centre known internationally for its exports of knitted garments and hosiery. During the year 1999-2000, the company has achieved a turnover of Rs.7747.37 lacs as against Rs.7514.95 lacs in the previous year.