Shahlon Silk Industries skids 5 per cent despite expansion news

Shahlon Silk Industries Limited announced the expansion of its product market, domestically as well as internationally. The announcement was made on Tuesday after the market hours. 

A leading fabric and manmade fibre company in India, Shahlon Silk Industries is looking to cater to more markets as the demand for textile is showing excellent strength globally due to the increasing demand for fashion & furnishing products.  

After expanding its base, the company aims to export its products to 15 countries worldwide. Shahlon Silk Industries is primarily engaged in manufacturing and exporting of synthetic textile yarn & fabrics. Out of the total revenue, 87 per cent comes from its domestic sales while the remaining 17 per cent comes from exports.  

This Surat-based company has four manufacturing facilities, all of which are located in Gujarat with an annual combined capacity of 40 million metres for fabric manufacturing and 22,000 metric tonnes for manufacturing yarns. Fabrics and synthetic yarns find usage in the number of user applications like weaving, furnishing, laces, tapes, knitting, velvet, labels, carpets, etc.  

On Wednesday at 11.50 am, the share price of the company was trading at Rs 75.80 per share, which is a decline of 4.95 per cent over its previous closing price.