Sutlej Textiles to setup green fiber plant in J&K
Shares of Sutlej Textiles and Industries escalated on the bourses on Tuesday after the company approved setting up polyester stable fibre manufacturing unit in Jammu & Kashmir.
The board of the company at its meeting held on January 8, 2018 approved setting up of a green fibre project for manufacture of polyester staple fibre by recycling of pet bottles at Samba in Jammu and Kashmir. However, due to the uncertain market conditions in the yarn segment, the board deferred brownfield capacity expansion plan of 28,800 spindles at Baddi in Himachal Pradesh. The announcement was made after market hours on Monday.
Sutlej Textiles and Industries Limited is an integrated textile manufacturing company. It is a manufacturer of synthetic staple fibers yarn, man-made fibers blended yarn and cotton yarn, and fabrics.
At 12:00 hours, Sutlej Textiles was trading at Rs. 107.20 per share, up Rs. 5.55 or 5.46 per cent on NSE. The scrip opened at Rs. 106.00 and touched a high and low of Rs. 108.70 and Rs. 105.85, respectively. The stock has a 52-week high and 52-week low of Rs. 120 and Rs. 72.77, respectively on NSE. The stock attracted a traded volume of 2,54,866 on NSE.