The shares of Mirza International Limited were trading marginally higher on Thursday morning at Rs 283 levels. Yesterday the stock climbed up by more than 5 percent after the company received approval from the National Company Law Tribunal for the scheme of arrangement proposed by them.
As per the scheme, the company will amalgamate with RTS Fashions Private Ltd. In addition to that, the company will demerge its branded business ‘Red Tape’ into a separate business Red Tape Ltd on a going concern basis.
Mirza International Limited is an India-based company that manufactures and exports finished leather, footwear, and allied products. It owns a portfolio of well-recognized brands like Red Tape, Oaktrak, MODE & Bond Street. Their global footprint spans 28 countries over five continents.
The stock has logged a multibagger return of 402 percent as the share price has risen up from Rs 51 a piece in February 2021 up to the current levels. An investment of Rs 1 lakh then would be worth Rs 5.02 lakhs in just two years.
In the December quarter, their revenue from operations grew marginally to Rs 592.30 Crore up from Rs 585.37 Crore, Year on Year. Their net profit in the period was Rs 55.93 Crore, a jump of 31 percent YoY from Rs 42.59 Crore and 75 percent Quarter on Quarter from Rs 31.91 Crore.
The small-cap stock has a market capitalization of Rs 3,405 Crore. The promoters hold a high stake of 68.15 percent with zero shares pledged while the Foreign Institutional Investors (FIIs) hold a 3.09 percent stake.
Written by Anoushka Roy
