This Small Cap Leather Company Hits 52-Week High Ahead Of Approval Of The Scheme Of Arrangement

Shares of Mirza International in trade on December 10, 2021 rallied 18 percent to hit its fresh 52-week high price of Rs. 134.9 per share on the NSE. This is as there are seen gains on the small cap index which is outperforming the headline indices. Nifty Small Cap 100 index at the time of writing this report is up by over 0.5 percent even as the Nifty index is down in trade currently by 0.6 percent to briefly above 17,400 points.

On the previous day also the stock hit a new 52-week high of Rs. 117.4. The stock on a YTD basis has given returns to the tune of 132 percent.
The massive gains on the small cap leather footwear manufacturer scrip have come ahead of the board meet which is to be held today.

In an exchange filing on December 9, the company on a short notice informed about the board of directors meeting to be held on December 10 to consider and approve the Composite Scheme of Arrangement of RTS Fashions Private Limited. Technical indicators validate positive outlook for the stock with the daily 14-period RSI in a super bullish zone.

Also the daily MACD is pointing to an upside. Mirza International, founded in the year 1979, is the country's top leather footwear manufacturer, marketer as well as exporter. The company is among the leading exporters of finished leather. The brands within the company's portfolio are Red Tape, Red Tape Gal, OakTrak, MODE and BOND STREET.

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