Textile penny stock under Rs 35 in green after SBICAP Trustee Company Ltd acquired 3,61,503 shares via Pledge of Shares
The stock is up by 71.9 per cent from its 52-week low of Rs 18 per share.
On Tuesday, shares of Vishal Fabrics Ltd gained 2.66 per cent to Rs 30.85 per share from its previous closing of Rs 30.05 with an intraday high of Rs 30.95 and an intraday low of Rs 29.56. The stock is up by 71.9 per cent from its 52-week low of Rs 18 per share.
SBICAP Trustee Company Limited submitted disclosures under Regulation 29(2) of SEBI's Substantial Acquisition of Shares and Takeovers Regulations, 2011, to BSE Limited, regarding Vishal Fabrics Limited. The disclosures indicate that prior to the recent transaction, SBICAP Trustee held 3,61,503 shares (0.183 per cent of the total voting capital). Following the acquisition, the holding increased to 1,26,22,350 shares, accounting for 6.38 per cent of the total voting capital. The mode of acquisition was through the pledge of shares, executed on October 31, 2024. The total equity share capital of Vishal Fabrics Limited remains at 19,76,10,003 shares, aggregating to Rs 98,80,50,015 based on BSE's September 2024.
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 over Rs 600 crore.
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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.
Disclaimer: The article is for informational purposes only and not investment advice.