My Best Pick 2015

Ambareesh Baliga

The independent market expert believes home textiles major Himatsingka Seide is on the comeback trail

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Published 7 years ago on Jan 09, 2015 6 minutes Read
Soumik Kar

Anything that could go wrong did go wrong for vertically integrated home textile major, Himatsingka Siede (HSL) between 2008 and 2012: teething problems at its new facility at Hassan, an adventure with exotic currency derivatives that left an ₹80-crore hole in its balance sheet and, above all, the gamble of buying out three overseas companies — Divatex, DWI Holdings and Giuseppe Bellora — just when the global credit crisis hit the Indian shores. To add to its woes, raw material prices, especially those of cotton, rose sharply. For an investor who hunts for contrarian bets, HSL is proving to be the proverbial phoenix rising from the ashes.