Textile Company Inks MoU With Tamil Nadu Govt, Shares Zoom 11% Intraday

GHCL Textiles Ltd shares witnessed a rally of 10.72% in trade today on BSE as the company entered into a Memorandum of Understanding (MoU) with Guidance, the Nodal Agency of Government of Tamil Nadu on January 08, 2024 as part of the Tamil Nadu Global Investors Meet 2024 for investing up to Rs. 535 crores over a period of four-year. Current market price of GHCL Textiles Ltd share on BSE is Rs 81.27 per share with intraday rally of 10.72%.

The signed copy of the MoU was received on January 09, 2024. This MoU is not binding and at present does not have a material impact on the operations of the Company, added the press release.

GHCL Textiles Stock Performance & Return: The stock's 52-week high price is Rs 93.00 per share and 52-week low price is Rs 60.00 per share, respectively. The company has a market capitalisation of Rs 775.20 crore. GHCL Textiles shares gained 9.84% in last 1-week, soared 14% year-to-date, gained 15.55% in last 2-weeks, and jumped 9.86% in last 1-month. In last 6-months, GHCL Textiles shares fell 3.08%.

GHCL Textiles About: GHCL's Yarn division which has been demerged into a separate company - GHCL Textiles Limited as per the NCLT order effective 1st April 2023, comprises of two units located in Paravai and Manaparai, Tamil Nadu. Incorporated in 2002, GHCL's Spinning division has evolved into a leader in the spinning industry adhering to global standards and international best practices. It has achieved several milestones and is recognised for customer focus and quality products. With State-of-the-art textile machinery, its manufacturing infrastructure includes Rieter from Switzerland, Schlafhorst from Germany, Savio from Italy, Murata from Japan, Trueztschler from Germany, Uster and SSM from Switzerland, KTTM and LMW from India for that cutting edge quality, according to its official website.

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