Smallcap textile stock hits 20% upper circuit on block deals. Details here | Mint
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Business News/ Markets / Stock Markets/  Smallcap textile stock hits 20% upper circuit on block deals. Details here
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Smallcap textile stock hits 20% upper circuit on block deals. Details here

As per the BSE data, in a block deal, promoter Hrishikesh Arvind Mafatlal offloaded 1.15 crore equity shares in Mafatlal Industries at ₹55.2 per share. The transaction was valued at around ₹63.48 crore.

Mafatlal Ind is a smallcap stock that has given double-digit returns in a year.Premium
Mafatlal Ind is a smallcap stock that has given double-digit returns in a year.

Leading player in the textile industry, Mafatlal Industries locked on its 20% upper circuit on stock exchanges during Monday's session. Mafatlal Ind is a smallcap stock that has given double-digit returns in a year. In a block deal, the promoter offloaded 1.15 crore equity shares aggregating to the tune of 63.48 crore. However, Sumil Holdings purchased the same equity shares in the open market.

As per the BSE data, in a block deal, promoter Hrishikesh Arvind Mafatlal offloaded 1.15 crore equity shares in Mafatlal Industries at 55.2 per share. The transaction was valued at around 63.48 crore.

On the other hand, the data revealed that Sumil Holdings bought 1.15 crore equity shares in the company at the same price of 55.2 per share aggregating to 63.48 crore.

On BSE, Mafatlal Ind stock froze at the 20% upper circuit of 65.60 apiece. Generally, an upper circuit in a stock means the highest possible price that the stock could trade at on a particular day.

Mafatlal Ind's market cap is around 462.36 crore on BSE.

The stock's earnings per share are at 31.08, while its price-to-equity ratio comes at 2.11 times, and its return on equity (ROE) is at 6.08%.

Year-to-date, Mafatlal Ind's stock has gained by nearly 86%. Compared to December 26, 2021 price level, the stock has skyrocketed by nearly 91% on Dalal Street.

Last month, the stock had carried a stock split in the ratio of 5:1.

Earlier this month, the company established a garment unit in Sangli, Maharashtra.

In the first six months of FY23, the company's net profit more than doubled to 24.84 crore compared to 10.32 crore in the same period a year ago. While revenue from operations climbed to 735.10 crore in H1FY23 versus 406.77 crore in H1FY22.

Mafatlal Industries has stepped into diverse fields of Textiles, Rubber Chemicals, Information Technology, Real Estate, E-commerce, and Healthcare. The company is among the leading players in the textile industry for the past decades.

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Published: 26 Dec 2022, 09:52 PM IST
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