Bennett, Coleman and Co (BCCL), the leading media group in the country, has picked up a 6.6% stake in Today's Writing Products (TWP), a listed company manufacturing writing instruments.
BCCL picked up the stake through an acquisition of 8.4 lakh shares at a price of Rs 82.9 per share. The TWP scrip closed 3.1% down at Rs 84.3 on Monday. The share price has risen substantially by 15% over the past month.
“We are very proud that India's leading and respected publishing house has participated in our equity,” said Ronnie Netto, director, TWP. “The future of our company is optimistic, given the strategic thrust, growth and the new initiatives taken in the current year,” he added.
TWP manufactures Today's brand of pens, which is sold in markets like the UK and Europe through the Poundland retail chain stores. The company produces a total of 1.5m pens on a daily basis. As part of its expansion plans, the company is setting up a new unit with a capacity to produce 2m pens per day.
TWP posted a 13% growth in sales to Rs 92.7 crore during the year ended March '05. Net profit improved 47% to Rs 7.8 crore during the period.