Active Stocks
Fri Mar 01 2024 15:59:51
  1. Tata Steel share price
  2. 150.00 6.46%
  1. State Bank Of India share price
  2. 769.30 2.67%
  1. Tata Motors share price
  2. 977.20 2.78%
  1. ITC share price
  2. 409.50 0.74%
  1. ICICI Bank share price
  2. 1,086.90 3.18%
Business News/ Markets / Stock Markets/  Axita Cotton shares rally over 3% after securing order worth 26 Cr from Bangladesh
BackBack

Axita Cotton shares rally over 3% after securing order worth ₹26 Cr from Bangladesh

Small-cap firm Axita Cotton Limited operates in the textile industry. It is involved in the manufacture and trade of cotton seed (Kapas), cotton seed oil, cotton cake, etc., as well as the installation of machinery for the production of corn oil

Bangladesh has placed a USD 3.28 million (about INR 26.92 crore) order with Axita Cotton Ltd. Premium
Bangladesh has placed a USD 3.28 million (about INR 26.92 crore) order with Axita Cotton Ltd.

Small-cap firm Axita Cotton Limited operates in the textile industry. It is involved in the manufacture and trade of cotton seed ("Kapas"), cotton seed oil, cotton cake, etc., as well as the installation of machinery for the production of corn oil. Bangladesh has placed a USD 3.28 million (about INR 26.92 crore) order with Axita Cotton Ltd. Also, the firm has recently received orders for Indian raw cotton worth USD 2.71 million (about INR 22.21 crore) from several Bangladeshi spinning mills. As a result, the company's order book as of April 6th, 2023, is currently around USD 60,00,975.64. (INR Approx. 49.20 Crore).

“In terms of Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, we wish to inform you that the Company has received the orders for Indian Raw Cotton valuing aggregating US $ 3284883.80 approx from Bangladesh," said the Board of Axita Cotton in a stock exchange filing. 

The order, which includes 4 foreign buyers, will be delivered to the nation over the course of the following three months. A well-known Bangladeshi textile company that is renowned for its dedication to quality and on-time delivery made the order. Axita Cotton Ltd. was chosen to get the order because of its track record of providing premium raw cotton at affordable pricing.

"This is a significant milestone for our company," said Mr. Kushal Nitinbhai Patel, the Managing Director of Axita Cotton Ltd. "We are thrilled to receive this order from one of the leading textile companies in Bangladesh. It is a testament to the quality of our products and the trust that our customers have in us. And we are also expecting some more orders of Yarn from European and Far east market," he further added.

Throughout the last six years, Axita Cotton Ltd. has been exporting raw cotton and cotton yarns to Bangladesh, China, Vietnam, and several European nations. During this time, the company has developed strong ties with its new customers. The organisation has become one of the chosen suppliers as a result of its dedication to quality, on-time delivery, and customer satisfaction. The firm has been able to keep its position as a top maker and exporter of raw cotton because of its commitment to innovation and sustainability.

The company specialises in two types of cotton bales: Shankar-6 and MCU-5/MECH. It also manufactures cotton seeds. The manufacturing plant is situated strategically close to the main cotton-growing regions of Saurashtra and other areas of Gujarat at Kadi, in the Mahesana District of that state. Axita cotton limited is a member of the Global Organic Textile Standard(GOTS), Organic Content Standard (OCS) and Global Recycle Standard (GRS). 

The shares of Axita Cotton opened today in the market at an upside of 61.55 and are currently trading at 63.10 apiece level, up by 3.10% from the previous close. The stock was seen reporting a traded volume of 71,18,337 shares compared to the 20-Day average volume of 2,239,436 shares while filing the story.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
More Less
Published: 06 Apr 2023, 03:19 PM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie