Akshar Spintex shares extend gains after order win; stock up 25% in 5 days

Shares of Akshar Spitnex continued to extend its rally on Thursday. The stock surged another 5 per cent, hitting its upper circuit limit for the day. The company has been rallying higher amid the recent order win from a global client. The company informed about the same through an exchange filing on Monday.

Akshar Spintex 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, said the company in an exchange filing. The order is worth Rs 171 crore.

The development carries several strategic advantages for the company. It is expecting a strong rise in its revenue growth, poised for a substantial boost, further reinforcing its financial stability. Also, bagging international orders strengthens Akshar Spintex's market presence.

Shares of Akshar Spintex gained 5 per cent on Thursday, hitting its upper circuit limit at Rs 7.72. The scrip had settled at Rs 7.36 on Wednesday, up 5 per cent. The stock has surged about 25 per cent in the last five trading sessions from its price at Rs 6.2 apiece on Friday, November 17.

Gujarat-based Akshar Spintex was incorporated in 2013, and 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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