Mumbai's Archies beats Chinese rivals to bag $5.3-million Russian order for greeting cards

Mumbai-based Archies Ltd has received a 4 million euro ($5.3 million) order from a Russian company for greeting cards, to be supplied over the next 2-3 years in tranches.

Archies will supply the greeting cards from its new facility at Manesar, Haryana that has been operational since April 2010.

Archies, which sells an entire range of greeting cards, gift items, and fashion accessories, is best known for its designs and quality in printing of greeting cards.

The company said it bagged the order against stiff competition from Chinese companies.  

The small-cap Archies reported an 18.1 per cent rise in its net profit to Rs3.27 crore and a 19.1 per cent increase in net sales to Rs43.88 crore in the July-September quarter of the current financial year (April-March 2010-11) compared with those of the previous financial year.

The company has an equity capital of Rs6.76 crore comprising shares of face value Rs2 each.

The company's stock had outperformed the market over the past one month till 25 November 2010, gaining 1.03 per cent compared with the Sensex's 4.85 per cent fall. Over the past quarter, the stock had surged 46.97 per cent against a 6.26 per cent rise in the BSE sensitive index.

The greeting cards are to be delivered within a period of 2-3 years in tranches, Archies said in a statement with BSE.