Shares of Akshar Spintex Ltd rebounded about 5 per cent during the trading session on Thursday as the company announced its board meeting. The textile products player has announced its board meeting to consider multiple corporate proposals. The board meeting was announced on Tuesday. The company board of Akshar Spintex is set to meet on December 15, 2023, Friday at its Jamnagar-based registered office. The company board will consider the proposal of bonus issue, interim dividend for the financial year 2023-24. and buyback of equity shares, it said in the exchange filing. Following the announcement, shares of Akshar Spintex rebounded about 5 per cent from days' low at Rs 6.88 to Rs 7.20 on Thursday. The scrip gained about 4 per cent from its previous close at Rs 6.94 on Wednesday. The stock is about 50 per cent up from its 52-week low at Rs 4.85 hit in January 2023. The company recently has bagged an order to supply high-quality yarn to various fast fashion brands through a globally recognized client, renowned for its association with prestigious fashion labels The order is worth Rs 171 crore but it did not disclose the name of the client. Gujarat-based Akshar Spintex, incorporated in 2013, is engaged in the business of manufacturing and trading of spun cotton yarn. It has a total 24,480 spindles with annual manufacturing capacity of 7,500 MT cotton yarns. The company has also launched carded, combed, slub, core, TFO, and other related products to increase its offerings.
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