Indo Count Industries shares soar 12% on Rs 200-crore capex plan

The company said that it decided to undertake expansion and modernization considering the increasing demand and growing business volume

Shares of Indo Count Industries advanced 12 per cent to Rs 128 on the BSE on Friday after the textile company announced expansion and modernisation projects of existing capacities with capital expenditure (capex) of Rs 200 crore. The total capex will be funded by a mix of internal accruals and debt and is expected to be operational in H2 (October-March) of FY2022.

“The Project Management Committee of the board of directors of the Company has approved expansion of its bed linen capacity by around 20 per cent from its existing annual capacity of 90 million meters to 108 million