Garment Mantra acquires stake in Twenty Twenty Trading; stock jumps over 4 per cent

Garment Mantra Lifestyle Ltd, which was earlier known as Junction Fabrics & Apparels Ltd announced that it has successfully acquired 74 per cent stake in Twenty Twenty Trading LLP, which operates the value retailing brand - Price Mantra. 

Reacting to this, the stock of Garment Mantra Lifestyle surged 9.25 per cent today and made an intraday high of Rs 75 per share. 

Recently, Garment Mantra acquired a stake of 83.80 per cent in Jannat Fabrics & Apparels Private Limited. 

Garment Mantra Lifestyle is a BSE SME-listed company, which is engaged in the business of garment manufacturing and selling of both knitted fabrics as well as knitted garments. 

The stock of Garment Mantra has recovered by 127.27 per cent from its sharp decline in June 2020. On a YTD basis, the stock has gained by 158.53 per cent. Besides, the company gained nearly 25 per cent last month. 

According to BSE data, the stock traded at a price-to-book ratio of 2.69. The stock has a 52-week high and a 52-week low of Rs 78.50 and Rs 26.68, respectively. 

At 10.14 am today, the share of Garment Mantra was trading at Rs 71.50 on BSE, up by 4.15 per cent.