Priyadarshini recommends 10% dividend

The board of directors of Priyadarshini Spinning Mills Limited, a Hyderabad-based manufacturer in cotton and synthetic yarn, today recommended a dividend of 10 per cent on equity capital of the company for the year ended March, 2006.

The first quarter results for the year 2006-07 reflect a 25 per cent jump in net profits in comparison with the corresponding quarter of the previous year.

The key highlight for this quarter was the completion of the first phase of expansion; wherein the capacity of the plant increased from 60,000 spindles to 82,000 spindles.

Harish Cherukuri, managing director of Priyadarshini Spinning Mills, said, "We are targeting revenues of Rs 220 crore for this financial year ending March 07."