Textile Penny Stock Under Rs 50 Jumps After Acquiring 1,99,80,000 Equity Shares of Texfil Private Limited

The stock is up by 29 per cent from its 52-week low of Rs 34.03 per share.

Filatex India Ltd has further acquired 1,99,80,000 Equity Shares of face value of Re 1 each at a price of Rs 10 each of Texfil Private Limited (Texfil), Wholly Owned Subsidiary for an aggregate amount of Rs. 19.98 crore. The said investment will be primarily used to finance the ongoing Polyester Textiles Recycling Project, Repayment of existing loans taken from Filatex and Working capital requirements. Texfil was incorporated in India on June 25, 2021 and is yet to commence commercial operations. The said Recycling Project is being undertaken in Texfil.  

On Wednesday, shares of Filatex India Ltd jumped 4.83 per cent to Rs 43.80 per share from its previous closing of Rs 41.78 per share. The stock’s 52-week high is Rs 73.39 per share and its 52-week low of Rs 34.03 per share. The shares of the company saw a spurt in volume by more than 1.97 times on the BSE.

Filatex India Ltd. is actively involved in the manufacturing and trading of a diverse range of synthetic yarn and textile products, including Polyester Chips and Narrow Fabrics. Their extensive product portfolio encompasses various yarns such as Drawn Textured Yarns, Partially Oriented Yarns, Fully Drawn Yarns, Air Textured Yarns, and Polypropylene Multifilament Crimp Yarns. Additionally, they offer value-added products categorized under Comfort, Touch, Fancy Effect and Others, featuring brands like Sewfil, Fillory, Filaspun, Wooly, and Flexifil, among others.

The company has a market cap of Rs 1,924 crore with a PE ratio of 14x, an ROE of 11 per cent and an ROCE of 14 per cent. The stock is up by 29 per cent from its 52-week low of Rs 34.03 per share.

Disclaimer: The article is for informational purposes only and not investment advice.