Archies stores to sell postal stamps too

Gift and greeting cards major Archies Ltd said on Tuesday the department of posts has allowed the company to sell postal stamps at its retail outlets across the country.

In a filing to the Bombay Stock Exchange, Archies said: "Department of Post has authorised the company to make postal stamps available to its customers for greeting cards at its retail outlets across India."

The permission was given to the company to make the postal stamps available to its customers as a value addition, it added.

"The order is valid till March 31, 2012, as a pilot

project and can be extended for the future also," the company said.

Earlier, in September this year, the company had said it aims to more than double its India revenues to Rs 400 crore (Rs 4 billion) in the next four years through an aggressive expansion drive across the country.

The company is also looking to double its retail presence to around 400 company-owned stores in the next four years, as well as tap modern retail chains for marketing its products.

The company's net sales increased by 10.80 per cent to Rs 48.61 crore (Rs 486.1 million) in the second quarter ended September 30, 2011, as against Rs 43.87 crore (Rs 438.7 million) in the corresponding quarter last fiscal.