Alok Industries gets another advance

Alok Industries, exactly a year ago, on 15th Sept 2015 had hit a new high at Rs.14.08 and today, though it has not hit a new high, it is up almost 7% at Rs.6.55, its current intra day high. Volumes are up almost 3 times.

The stock is up as the company stated that it has received an additional advance amounting to USD 50 million on September 11, 2015 under the said scheme taking the total export advance received till date to USD 825 million under the Export Performance Bank Guarantee Scheme (EPBG).

It had earlier received advances on January 13, 2015, March 20, 2015, July 06, 2015, August 19, 2015, August 24, 2015 and September 05, 2015, about the receipt of USD 775 million under the EPBG Scheme out of the targeted USD 1633.33 million equivalent to about Rs. 9800 crores.

Alok Industries is India's largest fully integrated textile company with a dominant presence in the Cotton and Polyester segments. It also holds the dubious distinction of being the company with the highest percentage of shares pledged – its promoters have pledged 99% of their holding.