Sutlej Textiles board approves plant setup in J&K

Sutlej Textiles and Industries is an integrated textile manufacturing company, at the company’s board meeting held on 8 January 2018, the setting up of a green fibre project to manufacture polyester staple fibre by recycling of pet bottles at Samba, Jammu and Kashmir has been considered and approved.

Sutlej Textiles and Industries surged 5.28% to Rs 107.60 at 09:45 IST on BSE after the company’s board approved setting up of a plant in Jammu and Kashmir.

On the BSE, 39,000 shares were traded on the counter so far as against the average daily volumes of 15,000 shares in the past two weeks. The stock had hit a high of Rs 108.80 and a low of Rs 105.10 so far during the day. The stock had hit a record high of Rs 109.55 on 6 November 2017 and a 52-week low of Rs 77.50 on 11 August 2017.

The small-cap company has equity capital of Rs 16.38 crore. Face value per share is Re 1.

The board, however, deferred brownfield capacity expansion plan of 28,800 spindles at Baddi, Himachal Pradesh, due to the uncertain market conditions in the yarn segment.

Sutlej Textiles and Industries’ net profit rose 22.2% to Rs 63.42 crore on 7.9% growth in net sales to Rs 603.70 crore in Q2 September 2017 over Q2 September 2016.