Reliance’s hidden gem: Penny stock zoomed more than 10 per cent; do you own it?
As the per the shareholding pattern as on March 31, 2023, Reliance Industries held 75 per cent stake in the company
On Friday, shares of Alok Industries zoomed more than 10 per cent, reaching an intraday high of Rs 15.50 apiece on BSE. The scrip witnessed a massive spurt in volume.
In Q4FY23, the net sales of the company dipped by more than 22 per cent from last year’s same quarter to Rs 1561.50 crore. The EBITDA level stood negative at Rs 61.23 crore in March 2023. The company reported a net loss of Rs 297.55 crore in March 2023.
The textile industry has faced mounting challenges in recent months, with a decrease in exports due to a decline in demand. In February 2023, data reveals that the export of Indian cotton sheets to the US experienced a significant monthly decline of 13.1 percent.
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Alok Industries is a textile company with a presence in the cotton and polyester segments. The company is engaged in manufacturing of textile, including mending and packing activities, leather and other apparel products. As the per the shareholding pattern as on March 31, 2023, Reliance Industries held 75 per cent stake in the company.
In the past 1 month, the stock has witnessed positive traction as the stock has gained more than 17 per cent. Keep a close eye on this trending stock.