Kolkata-headquartered Lux Industries Ltd made its debut on the BSE today with its shares zooming to an intra-day high of Rs 3,905 before closing at Rs 3,781 in a volatile trading session here.
Earlier in the day, the stock had opened at Rs 3,660.
Lux Industries, which manufactures innerwear brand Lux listed on the National Stock Exchange (NSE) last year. The scrip admitted to dealings on the BSE Exchange in the list of 'B' group securities.
The listing of the company on the premier stock exchanges of the country is expected to enhance the visibility for the company's equity shares and also provide liquidity for existing and prospective investors.
"Listing on the premier stock exchanges is a significant milestone for Lux brand as promoters entering their Diamond Jubilee Year after six decades of experience," Lux Industries Chairman Ashok Todi said in a statement here.
"We are one of the fastest growing innerwear companies in India, reporting a compounded annual revenue growth rate (CAGR) of 22 per cent over a period of five years leading to 2014-15 as against the textile industry's single-digit percentage growth," Todi said.
As part of the expansion plans, the company plans to set up a world-class integrated hosiery manufacturing unit near Serampur in West Bengal.
"We are proposing to set up a world class integrated hosiery manufacturing unit near Serampur in West Bengal on land aggregating more than 5 lakh sq. Ft. Factory & godown space," Lux Industries Managing Director Pradip K Todi said.
The hi-tech facilities at the new unit in Serampur would include knitting & cutting facilities, finally producing innerwear garments, end-to-end production facilities and warehousing facilities.
The company also plans to add approximately 50,000 retailers in another 5 years, which is expected to drive growth of our premium brands across domestic and international frontiers, Todi said.
The company's aggregate manufacturing capacity stands at 10 lakh garments per day across more than 11 pan-Indian manufacturing facilities. Lux produces vests, T-shirts, briefs, boxers, spaghettis, thermals, panties and leggings.
