Mafatlal Industries soars on inking pact with Al Fahim Group to market textiles

23 Jan 2013

Mafatlal Industries is currently trading at Rs. 128.00, up by 3.05 points or 2.44% from its previous closing of Rs. 124.95 on the BSE.

The scrip opened at Rs. 125.00 and has touched a high and low of Rs. 128.00 and Rs. 125.00 respectively. So far 1033 shares were traded on the counter.

The BSE group 'T' stock of face value Rs. 10 has touched a 52 week high of Rs. 147.00 on 14-Mar-2012 and a 52 week low of Rs. 101.20 on 30-Oct-2012.

Last one week high and low of the scrip stood at Rs. 129.85 and Rs. 122.80 respectively. The current market cap of the company is Rs. 122.67 crore.

The promoters holding in the company stood at 65.73% while Institutions and Non-Institutions held 4.74% and 29.53% respectively.

Mafatlal Industries has inked pact with Dubai-based Al Fahim Group by signing a 51:49 joint venture (JV) in order to market and distribute its textile brand in the Gulf Cooperation Council (GCC) and African countries. As per the JV, Mafatlal, with a minority stake of 49%, will be selling school uniforms, corporate wear, bed sheets and towels under the co-brand Al Fahim Mafatlal in the region.

The company will also market the products through new sales and marketing office in Dubai. There is not much investment in this initiative as the company will be manufacturing the products at its facilities in Gujarat.

Mafatlal Industries, a flagship company of the Arvind Mafatlal Group that has vertically integrated composite textile mills, was incorporated in 1913 at Ahmedabad. The company is engaged in manufacture of textiles and textile chemicals.

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SEBI Registered: Investment Adviser - INA000013323
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