Himatsingka Seide hits over 3-year high on strong demand outlook

Himatsingka Seide hits over 3-year high on strong demand outlook



Shares of were locked inthe 5 per cent upper circuit for the second straight day, hitting an over three-year high of Rs 298.50, on expectation of strong demand. The stock of the textiles company was trading at its highest level since September 2018.


In the past three months, the stock has gained 54 per cent, as compared to a 13-per cent rise in the S&P BSE Sensex. While over the past one year, the market price of the company has more-than-doubled, and is up 109 per cent, against a 21-per cent rally in the benchmark index.





Currently, is trading under the T group on the BSE. In the T2T segment, each trade has to result in delivery and no intra-day netting of positions is allowed.


For April-June quarter (Q1FY22), had reported a consolidated profit after tax of Rs 57.70 crore, as against a loss of Rs 139.79 crore in Q1FY21. Its total consolidated profit during the quarter jumped over four-fold at Rs 820 crore from Rs 183 crore in previous year quarter.


The management said the company continued to witness strong demand for soft home products and the order books for financial year 2021-22 (FY2022) remains robust. “While Q1FY22 does not include any price increments, the same will begin to reflect staring July-September quarter (Q2FY22). In addition, enhancement of capacity utilization across our plants will aid in partially mitigating inflation impacts on the value chain,” it said.


Meanwhile, the Union Cabinet, in July, granted approval for continuation of the rebate of state and central taxes and levies, which is termed as the RoSCTL, with the same rates as notified by the Ministry of Textiles vide its notification dated March 8, 2019 on both export of apparel and made ups till this scheme is extended up to March 2024.


“This certainty on the incentives will create level playing field for Indian textile players and help Indian increase its competitiveness as a result of this approval and notification,” the management said.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor





Source link