Textile firm, Alok Industries is up in the green today after a really long time. The stock opened at Rs.11.30, which was its intra day low and went on to the day’s current high at Rs.11.77 and it presently remains around the same levels, up 4.5%.

The stock is up on news coming in through media reports that the company is planning to raise around Rs.2000 crore over the next 2 years through land sale in a bid to pare down its huge debt and give fillip to its exports over next 36 months.

For Q2FY15, the company posted a net profit at Rs.45 crore, down 54% (YoY) and this was on a flat net sales of Rs.3745 crore. An NPM of a meagre 1.2%. The biggest culprit is the interest outgo, which on an average, every quarter is around Rs.525- Rs.550 crore and for H1FY15, it was at Rs.2066 crore, which is 14% of the net sales earned. Its consolidated debt currently stands at around Rs.20,000 crore and this alone has wiped off the stock price from the Rs.30 levels it was ruling 5 years ago.