Arvind rose 2.11% to Rs 195.95 at 13:04 IST on BSE, with the stock extending Monday's gains triggered by the company's joint venture with OG Corporation of Japan inaugurating its manufacturing facilities near Ahmedabad, Gujarat, on 31 May 2014.
The announcement was made on Saturday, 31 May 2014.
Meanwhile, the S&P BSE Sensex was up 161.98 points or 0.66% at 24,846.83.
On BSE, so far 2.21 lakh shares were traded in the counter as against average daily volume of 4.10 lakh shares in the past one quarter.
The stock hit a high of Rs 197.25 and a low of Rs 191.15 so far during the day. The stock hit a 52-week high of Rs 204.90 on 26 May 2014. The stock hit a 52-week low of Rs 65 on 8 August 2013.
The stock had underperformed the market over the past one month till 2 June 2014, advancing 4.1% compared with Sensex's 10.18% rise. The scrip had, however,\ outperformed the market in past one quarter, jumping 22.97% as against Sensex's 16.88% rise.
The mid-cap company has equity capital of Rs 258.18 crore. Face value per share is Rs 10.
Shares of Arvind have risen 6.81% in two trading sessions from a recent low of Rs 183.45 on 30 May 2014, after the company on 31 May 2014 said that Arvind OG Nonwovens, a joint venture (JV) between Arvind and OG Corporation of Japan, inaugurated its manufacturing facilities near Ahmedabad, Gujarat, on 31 May 2014. The stock had risen 4.6% to settle at Rs 191.90 on Monday, 2 June 2014.
The JV will manufacture high quality nonwoven fabrics using needle-punch technology for bag house filtration, artificial leather and a variety of other applications. The JV also has a technology alliance with Kureha of Japan, Arvind and OG Corporation said in a combined statement.
Arvind OG has installed custom-built machines specifically designed to achieve Japanese quality standards and capable of handling various fibers such as M-Aramid, Homopolymer Acrylic, Poly-phenelyene Sulfone (PPS), Polyimide Polypropylene and Polyester. These will be manufactured at the newly installed facilities following the highest global standards of quality while leveraging the advantage of India's cost of production, the statement said.
The unit has started production in May 2014 with one line of needle-punching technology, with total investment of nearly Rs 50 crore and targeting to reach turnover in excess of Rs 100 crore in 3 years. Beyond this, Arvind will continue to expand capacities in this as well as other technologies within the Nonwoven fabrics space, which will be an important pillar of Arvind's technical textiles growth strategy going forward, the statement said.
OG Corporation of Japan, established in 1923 and with a reported turnover of $1.1 billion in 2013, is a specialized trading company that sells, exports, imports and manufactures a variety of high value products in Japan and world-wide.
Arvind's consolidated net profit rose 24.1% to Rs 94.05 crore on 31.1% growth in net sales to Rs 1880.23 crore in Q4 March 2014 over Q4 March 2013.
Arvind is India's largest textiles & clothing conglomerate, having achieved a turnover in excess of $1 billion in FY 2013-14. It enjoys a global leadership position in textiles as well as carries an unmatched domestic portfolio of apparel brands and retail formats
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