Lagnam Spintex Rally 15% On Commencing of Commercial Production

Shares of Textile company Lagnam Spintex surged around 15 per cent to hit the upper circuit. On Friday, the announced that commercial production has begun on the 31st January 2024 at its substantially enlarged manufacturing plant, months ahead of schedule. The firm has invested Rs 218 crore to double its production capacity from 35 tons to 70 tons per day by installing 41,472 spindles for producing 100% cotton "Compact Yarn."

During trial production, Lagnam Spintex sold approximately 3,700 metric tons of yarn worth Rs 92 crore to leading domestic corporates and exported several containers overseas to countries including Europe, Bangladesh, Columbia, Egypt, Morocco and Peru. Exports accounted for over 45% of total turnover from the new capacity.

"Our quality is well-accepted domestically and abroad. We are seeing high demand for this new product mix from existing and potential customers," said Anand Mangal, Promoter and Managing Director, Lagnam Spintex. He added that the expanded product range would help attract large corporate customers in India and internationally, bringing cost advantages.

In the last 1 year, shares of Hazoor Multi Projects have given a return of 75 per cent from the level of Rs 60 on February 6, 2023.

Rajasthan based Lagnam Spintex is a manufacturer of 100% Cotton Ring & Open - End Yarn to cater High - End Denim, Terry Towels, Home Textiles, Bottom wear, Shirting, Sheeting and Knitting Segments in the Count range of Ne 4 - Ne 30.