Himatsingka Seide hits over 3-year high on strong demand outlook
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Shares of Himatsingka Seide were locked inthe 5 per cent upper circuit for the second straight day, hitting an over three-year high of Rs 298.50, on expectation of strong demand. The stock of the textiles company was trading at its highest level since September 2018.
In the past three months, the stock has gained 54 per cent, as compared to a 13-per cent rise in the S&P BSE Sensex. While over the past one year, the market price of the company has more-than-doubled, and is up 109 per cent, against a 21-per cent rally in the benchmark index.
Currently, Himatsingka Seide is trading under the T group on the BSE. In the T2T segment, each trade has to result in delivery and no intra-day netting of positions is allowed.
For April-June quarter (Q1FY22), Himatsingka Seide had reported a consolidated profit after tax of Rs 57.70 crore, as against a loss of Rs 139.79 crore in Q1FY21. Its total consolidated profit during the quarter jumped over four-fold at Rs 820 crore from Rs 183 crore in previous year quarter.
The management said the company continued to witness strong demand for soft home products and the order books for financial year 2021-22 (FY2022) remains robust. "While Q1FY22 does not include any price increments, the same will begin to reflect staring July-September quarter (Q2FY22). In addition, enhancement of capacity utilization across our plants will aid in partially mitigating inflation impacts on the value chain," it said.
Meanwhile, the Union Cabinet, in July, granted approval for continuation of the rebate of state and central taxes and levies, which is termed as the RoSCTL, with the same rates as notified by the Ministry of Textiles vide its notification dated March 8, 2019 on both export of apparel and made ups till this scheme is extended up to March 2024.
"This certainty on the incentives will create level playing field for Indian textile players and help Indian textile sector increase its competitiveness as a result of this approval and notification," the management said.
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