FIIs bought 20,33,412 shares: Textile penny stock under Rs 40 jumps 8 per cent on December 30
The stock is up by 98 per cent from its 52-week low of Rs 18 per share.
On Monday, shares of Vishal Fabrics Ltd gained 8 per cent to Rs 35.45 per share from its previous closing of Rs 33.02 per share. The stock is up by 98 per cent from its 52-week low of Rs 18 per share.
Vishal Fabrics Ltd, a textile company established in 1985 and part of the Ahmedabad-based Chiripal Group, manufactures and distributes a wide range of fabrics including dyed yarn, denim, and custom textile work. Certified for quality and sustainability, they specialize in dyeing, printing, and processing denim and other fabrics for both their collections and client-specific jobs. Their fabrics come in various compositions like 100 per cent cotton, cotton blends, and modal, and they are a leading supplier of stretch denim. With a focus on innovation, they offer diverse finishes, weaves, blends, and colours. Their extensive production capacity comes from multiple facilities in Ahmedabad, Gujarat, and they boast an impressive list of clientele including well-known international fashion brands. The company has a market cap of Rs 668 crore.
Recently in a bulk deal, an FII - LEGENDS GLOBAL OPPORTUNITIES (SINGAPORE) PTE. LTD bought 20,33,412 shares at Rs 28.46 per share while another FII – 21,15,000 shares at Rs 28.46 per share. Earlier, SBICAP Trustee Company Limited, a significant player in the financial sector, has substantially increased its stake in Vishal Fabrics Limited. Through a recent share pledge on October 31, 2024, the company's holding in Vishal Fabrics has jumped from 0.18 per cent to 6.38 per cent of the total voting capital. This strategic move positions the SBICAP Trustee as a major shareholder in the textile company.
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According to Quarterly Results, the net sales increased by 25 per cent to Rs 384.78 crore and net profit increased by 46 per cent to Rs 6.50 crore in Q2FY25 compared to Q2FY24. In its half-yearly results, the net sales increased by 14 per cent to Rs 724.70 crore and net profit increased by 67 per cent to Rs 11.27 crore in H1FY25 compared to H1FY24. Looking at its annual results, the company reported net sales of Rs 1,450 crore and a net profit of Rs 21 crore in FY24. Investors should keep an eye on this micro-cap textile stock.
Disclaimer: The article is for informational purposes only and not investment advice.