The shares of one of the leading players in the textile business gained 2.5% to an intraday high price of ₹3,487.75 per share on Tuesday after the company board approved the proposal of the buyback of shares.
At 12:55 p.m., Garware Technical Fibres Ltd shares were trading at ₹3,470 a share on the National Stock Exchange, up ₹ 64 per share or 1.88 % from the previous close price, and the company has a market capitalization of ₹7,154 crores.
The company board of directors has considered and approved the proposal for buyback at ₹3,800 per equity,up to 5,25,000 fully paid-up equity shares of the Company for an aggregate amount not exceeding ₹199.50 crores. The company reported in its exchange filing.
The company’s revenue has increased significantly by 5 percent yearly, from ₹275 crore in Q3FY23 to ₹289 crore in Q3FY24. During the same timeframe, Net profit has jumped by 16 percent from ₹ 37 crore to ₹ 43 crore.
Garware Technical Fibres Ltd shares gained 7% in the last six months and 18% in a year.
Garware Technical Fibres Ltd is one of the leading players in the technical textile sector. The company is engaged in the manufacture of aquaculture cage nets, fishing nets, sports nets, safety nets, agricultural nets, and geosynthetics. The company has an 80MT per day production capacity with 20,000 SKUs.The company caters to the domestic and international markets.
The company has its manufacturing facility at Wai and Pune in Maharashtra and markets its products to more than 75 countries worldwide. Its subsidiaries include Garware Environmental Services Pvt, Garware Technical Fibres Chile Spa, and Garware Technical Fibres USA Inc.
Written by Omkar Chitnis
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