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Business News/ Markets / Stock Markets/  Multibagger stock rallies 170% YTD, Board approves share buyback
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Multibagger stock rallies 170% YTD, Board approves share buyback

Orbit Exports Ltd. is a small-cap company with a market worth of Rs. 523.70 Cr that is involved in the textile industry.

One of India's leading exporters of novelty fabrics is Orbit Exports, which has a thriving company in the United States, Latin America, Africa, Europe, and the Far East. Premium
One of India's leading exporters of novelty fabrics is Orbit Exports, which has a thriving company in the United States, Latin America, Africa, Europe, and the Far East.

Orbit Exports Ltd. is a small-cap company with a market worth of Rs. 523.70 Cr that is involved in the textile industry. One of India's leading exporters of novelty fabrics is Orbit Exports, which has a thriving company in the United States, Latin America, Africa, Europe, and the Far East. Every quarter, the firm exports 2 million meters of fabric. The leading exporter of Christmas ribbons and manufactured products from India, Orbit Exports is also one of the fastest-growing businesses in the textile industry. At their meeting on Saturday, the company's board of directors approved the buyback of shares.

The company has said in a stock exchange filing that “This has reference to our earlier intimation dated November 04, 2022, informing the stock exchanges that the Board of Directors have approved the proposal of the Buy Back up to 4,08,163 (Four Lakh Eight Thousand One Hundred and Sixty Three only) fully paid up equity shares of the Company of face value of Rs.10/- (Rupees Ten only) each at a price of Rs. 245/- (Rupees two hundred and forty five only) per equity share. Pursuant to regulation 42 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, regulation 9(i) of SEBI (Buy-Back of Securities) Regulations, 2018,and other applicable regulations if any, we would like to inform you that the Board at its meeting held on November 4 , 2022 has fixed Friday, November 18, 2022 as the Record Date for the purpose of determining the entitlement and the names of equity shareholders who are eligible to participate in the buyback offer of the Company."

The shares of Orbit Exports Limited closed on Friday at 191.00 apiece, up by 1.25% from the previous close of 188.65. During its last trading session, the stock recorded a total volume of 121,815 shares compared to the 20-Day average volume of 69,710 shares. In the last 1 year, the stock has generated a multibagger return of 142.08% and on a YTD basis, the stock has generated a multibagger return of 170.92% so far in 2022. The stock has gained 76.93% over the past six months and 18.05% during the past month.

The stock has appreciated 2.06% during the previous five trading sessions. On the NSE, the stock had recently made a fresh 52-week-high of 196.50 on (04-November-2022) and a 52-week-low of 65.20 was made on (20-December-2021), indicating that after reaching a new high on Friday the stock was seen trading 192.94% above the low. For the quarter ended September or Q2FY23, the company recorded a promoter shareholding of 66.12%, FIIs holding of 0.17% and a public stake of 33.70%.

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ABOUT THE AUTHOR
Vipul Das
Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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Published: 06 Nov 2022, 11:35 AM IST
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