Filatex India advanced 4.19% to Rs 39.80 after the company said that its Dahej unit expanded polymerization capacity and commenced commercial production on 19 September 2019.
The company announced that commercial production of expansion scheme to increase its polymerization capacity of 150 tonnes per day (TPD) from 900 TPD to 1,050 TPD through de-bottlenecking and adding machines for producing 170 TPD of partially oriented yarn at Dahej unit in Gujarat commenced on 19 September 2019.
Meanwhile, the S&P BSE Sensex surged 830.68 points or 2.19% to 38,845.30. Shares rose across the board after the Finance Minister Nirmala Sitharaman on Friday, 20 September 2019, slashed corporate tax rate to 22% without exemptions. The effective corporate tax rate after surcharge now stands at 25.17%. The step has significant positive implications for corporates' profitability, broader economy and market valuations.
As on 31 March 2019, Filatex India paid a corporate tax of 35.21%.
On the BSE, 18,000 shares were traded in the counter so far compared with average daily volumes of 16 lakh shares in the past one quarter. The stock hit a high of Rs 39.5 and a low of Rs 38.9 so far during the day.
The stock hit a 52-week high of Rs 66.45 on 27 Nov 2018. The stock hit a 52-week low of Rs 33.75 on 01 Jul 2019.
Filatex's net profit slipped 0.5% to Rs 20.03 crore on a 1.1% fall in the net sales to Rs 20.03 crore in Q1 June 2019 over Q1 June 2018.
Filatex India (FIL) is engaged in manufacturing and trading of synthetic yarn and textiles. The company manufactures polyester and polypropylene multifilament yarn and polyester chips. Filatex's product offerings include complete range of filament, be it POY, DTY or FDY in semi dull, bright and colors of different shade, covering a wide range of coarse and fine denier.
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