Textile penny stock below Rs 2 hit upper circuit after receiving an order worth Rs 9,20,00,000 from Zaara Overseas Trading L.L.C S.O.C
The stock is up over 62 per cent from its 52-week low of Rs 1.05 per share.
On Wednesday, shares of Garment Mantra Lifestyle Ltd hit a 10 per cent upper circuit to an intraday high of Rs 1.70 per share from its previous closing of Rs 1.55 per share. The company has a market cap of Rs 100 crore. The stock is up over 62 per cent from its 52-week low of Rs 1.05 per share.
Garment Mantra has secured an international order from Zaara Overseas Trading L.L.C, S.O.C for the supply of Polyester Fabric and Polyester made-up dress material. The order is valued at approximately USD 10,78,900, which translates to about Rs 9.20 crore (exclusive of taxes). The company is expected to execute this order within 180 days from the date of acceptance.
Commenting on this development, Mr. Prem Aggarwal, Managing Director of Garment Mantra Lifestyle Limited, said: "This order is a testament to our continued commitment to quality, innovation, and customer satisfaction across global markets. It reinforces our position as a trusted partner internationally and reflects the growing demand for our products overseas. We remain focused on executing this order efficiently and on schedule, and we look forward to capitalising on further opportunities in the international arena to drive sustainable growth and value for our shareholders.”
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About the Company
Garment Mantra is a company focused on fulfilling the fashion and lifestyle aspirations of the mass Indian population. The promoters of the company have extensive experience in the textile industry for over 3 decades. Garment Mantra has 3 business divisions. Firstly, Garment Mantra is engaged in the business of garment manufacturing and selling both knitted fabrics as well as knitted garments.
The shares of the company an ex-trade ratio of 39:20 rights issue (with an ex-date of April 17, 2025), saw an overwhelming response, with 47,34,45,003 equity shares subscribed against an issue size of 39,14,97,795 equity shares. This strong oversubscription reflects significant investor confidence and support in the company's vision and future growth. Before the rights issue, the shares of the company had ex-traded bonus shares in a 1:1 ratio (Ex-date was September 03, 2024).
Disclaimer: The article is for informational purposes only and not investment advice.