The stock bounced back from a lower level since late-December 2006, as investors made bargain-hunting in small-cap and mid-cap shares. From Rs 120.25 on 28 December 2006, it gained 9.5% to Rs 131.70 by 5 January 2007.

Bellora, one of the oldest home furnishing firms in Europe, has boutiques across Italy, and one each in Barcelona and New York, the paper said. According to the paper, Himatsingka Seide may buy out Bellora for about Rs 300 crore. Although Shrikanth Himatsingka, an executive director of the Indian firm, declined to comment, he did affirm that the company was on the lookout for foreign home furnishing businesses, the paper said.

Himatsingka Seide reported 22.40% rise in net profit for the second quarter (ended September 30) against Rs 13.25 crore posted in the corresponding period last year. The company's sales for the quarter were up 24.30% at Rs 46.99 crore. The company’s retail business Atmosphere, operated through subsidiary Himatsingka Wovens saw significant sales growth of 57.2% during the quarter. Sales during the quarter stood at Rs 5.75 crore (Rs 3.66 crore).

On 28 October 2006, Himatsingka Seide had recommended payment of 25% interim dividend.