Cravatex zooms 75% in 4-session; stock locked in maximum monthly limit

The stock zoomed 75% in past four trading days from Rs 206.70 to Rs 360.80 on BSE.

Cravatex on Wednesday got locked in maximum upper limit of monthly price band at Rs 360.80, up 1% on BSE. CLICK HERE FOR PRICE DETAIL

The stock trading under ‘XD’ group on BSE has zoomed 75% in the past four trading days from Rs 206.70 on March 21. Till 12:32 pm; around 3,084 equity shares changed hands against an average 5,414 shares that were traded daily in past two weeks. There were pending buy orders for 924 shares on BSE.

Cravatex on March 23 announced its board approved execution of a binding Subscription and Shareholders Agreement (SSHA) among company, unit Cravatex Brands Limited (CBL) and investor Paragon Partners Growth Fund.

Paragon Partners has invested Rs 75 crore in CBL, a pan-India retail and distribution platform for lifestyle, sports and wellness. CBL has an exclusive long-term licensing agreement with FILA, the Italian sportswear and lifestyle brand, for footwear, apparel and accessories. It has exclusive distribution rights, through its Proline Fitness division, for Johnson Healthtech (Taiwan), a maker of fitness equipment.

The BSE had introduced weekly, monthly, quarterly and yearly based price band framework for the securities exclusively listed on its platform to prevent excessive volatility in shares. The sub-segments XC, XD and XT by the stock exchange involves classification of companies based on specific characteristics such as low to moderate market capitalisation, lower contribution to overall trading turnover.