Up 245% in a year, this textile company Axita Cotton stock extends rally after big order win
Axita Cotton, NSE: AXITA, shares extended their gains for the third straight session on Thursday after the cotton ginning company informed exchanges about bagging a major order from Bangladesh.
The counter opened in green at Rs 61.55 apiece and rallied nearly 2 per cent to quote at Rs 63 around 1 PM.
The Gujarat-based company has in a regulatory filing informed that it has received order worth USD 3.28 million from neighbouring Bangladesh. The latest order is addition to the company’s recent existing orders from Bangladesh worth USD 2.71 million from various spinning mills for raw cotton. Its current order book, as on April 6, now stands at Rs 49.20 crore.
Axita Cotton’s new order comprises of foreign buyers and will be shipped over the next 3 months, the filing said.
“This is a significant milestone for the company,” Kushal Nitinbhai Patel, MD, Axita Cotton, said.
Axita Cotton is a leading raw cotton manufacturer and exporter. The smallcap company has more than doubled its investors’ money in just six months. It the last one year, the stock has made its shareholders ricer by a massive 245 per cent.
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