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Nitin Spinners soars on receiving approval for expansion project worth Rs 300 crore

27 Jul 2015

Nitin Spinners is currently trading at Rs. 83.65, up by 3.05 points or 3.78% from its previous closing of Rs. 80.60 on the BSE.

The scrip opened at Rs. 81.00 and has touched a high and low of Rs. 85.40 and Rs. 75.10 respectively. So far 166796 shares were traded on the counter.

The BSE group 'B ' stock of face value Rs. 10 has touched a 52 week high of Rs. 86.15 on 09-Jul-2015 and a 52 week low of Rs. 21.00 on 11-Aug-2014.

Last one week high and low of the scrip stood at Rs. 85.40 and Rs. 74.50 respectively. The current market cap of the company is Rs. 383.17 crore.

The promoters holding in the company stood at 64.01% while Institutions and Non-Institutions held 0.03% and 35.96% respectively.

Nitin Spinners has received an approval for expansion project at an estimated project cost of Rs 300 crore for additions in the capacity of Ring Spinning & Rotor Spinning facilities at the existing location. The board of directors at their meeting held on July 25, 2015 has approved for the same.

The project is proposed to be financed partly through term loan and partly through internal accruals. The expansion project is eligible for interest subsidy on term loan for capital expenditure under TUFS of Central Government and Rajasthan Investment Promotion Scheme, 2014.

Nitin Spinners is engaged in the manufacturing of cotton yarn and cotton knitted fabrics used in the hosiery segment.

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Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323