Latest News
-
1:10 Stock Split: Below Rs 10, Fertilizer Sector Turned Ex-Split; 8,282% Returns In 5 Years -
Rs 17/Share Dividend: Record Date On April 26; Buy The ICICI Group Stock To Be Eligible? -
Honasa Consumer to Strengthen Operations by Merging Fusion Cosmeceutics and Just4Kids -
Wipro Reports 7.8% Decline in Q4 Net Profit; CEO Highlights Economic Challenges -
IREDA Hits Record Annual PAT of Rs 1,252 Cr in FY24; Q4 Profits Up by 33% -
Massive Employee Exodus Hits India's Top IT Companies in FY23-24 -
Air India Enhances Operational Efficiency with New Crew Management System -
BlackRock Acquires Shares in Electrosteel Castings and PTC India for Rs 207 Crore -
IndiGo Enhances Domestic Routes with Direct Chennai-Durgapur Flights -
Tesla to Recall Nearly 4,000 Cybertrucks Over Accelerator Pedal Fault
This Small Cap Textiles Scrip Is Soon To Be A Multibagger In Last 1-Year; Offers Decent Dividend
Shares of Monte Carlo Fashions in trade on June 27, 2022 have zoomed by 10.5% to day's high price of Rs. 678.8 per share. The stock is on a gaining run and in the last 1-week has bagged close to 22% return. Likewise, its 1-month return is over 34 percent. Further, the stock in last 1-year time-frame has given a return of over 97% and hence on its path to become a multibagger.
As we write the stock at around 1:15 pm trades higher by 8.9% at Rs. 669 i.e. close to its all time high of Rs. 729 per share, with a difference of just over 8%.
Reason for gains in the stock
Probably, the gains in the stock are triggered today on the back of positive news for the textile industry. As per media reports, Union Minister for Commerce and Industry and Textiles Piyush Goyal has said India is soon expected to
finalise free trade agreements (FTAs) with Israel, Canada, the UK and the European Union. ICICI Direct Research views the development as positive and states "India has finalised FTAs with the UAE and Australia and is now in talks with Canada, UK, Israel and the EU for FTAs. The signing of FTAs will provide Indian textile and clothing exporters a level playing field compared to Bangladesh, Pakistan and Vietnam who enjoy duty free access to these countries. The removal/reduction of import duty in the above regions for textile products from India would make the Indian textile industry more competitive to global textile and clothing exporters".
Financials
In the March ended quarter of Fy22, the company logged an increase in sales from Rs. 108.76 crore in Q4Fy21 to Rs. 162.47 crore in Q4fy22. Though there was a significant decline sequentially. Importantly, the branded apparel company in the Q3 period registered highest ever sale of Rs. 461.87 crore. Also, the company from being a loss-making entity a year ago has now turned profitable with net profit in Q4Fy22 period at Rs. 12.85 crore.
Dividend
The company has been consistently paying dividend since 2015 and has announced final dividend year on year except for 2019. For the year ending March 2022 Monte Carlo Fashions has declared an equity dividend of 200.00% amounting to Rs 20 per share. At the current share price of Rs 668 this results in a dividend yield of 2.99%.
