Sutlej Textiles clocks record volume
Sutlej Textiles showed a volume of 1300 over a two-week average and today, till noon, it has already clocked volumes of almost 1.3 lakh shares. A jump of over 98 times! Intra day, the stock price jumped up 16% at Rs.614.40. Its 52-week high is at Rs.624.
The company posted an excellent set of numbers for Q4FY16. YoY, total revenue was at Rs. 558 crore, up 17%. EBITDA came in at Rs. 77 crore, up 13% and it ended the quarter with a net profit at Rs.49 crore, up 78%.
In April 2015, the company had acquired Birla Textile Mills (BTM) and post this, the total spinning capacity of Sutlej stands increased at 77,688 spindles as on 31st March, 2016. The company is adding 35,280 spindles at its Bhawani Mandi, Rajasthan facility at a project cost of Rs. 270 crore, to be funded via internal accruals and debt. The company is also expanding its home textiles division – increasing capacity to 9.6 million metres p.a at a cost of Rs. 88.5 crore.