Synopsis Buying houses like Impulse shared that there was an opportunity for MMF garments and that they have already identified major buyers and markets, and will make sure that MMF garments from India get more importance.
iStock
The country has sufficient supply of MMF fibre and yarn, but is in short supply of quality fabric.
DELHI: Buying houses believe that Indian man-made fibre (MMF) garment exporters can aspire to grab $20 billion business in global MMF garment trade even as the domestic apparel industry works at resolving its limitations.
This was among the key takeaways from a virtual B2B meeting on ‘Improving MMF Fabric Options for Indian Apparel Exporters’ held between MMF garment exporters, buying houses and fabric suppliers organized by Apparel Export Promotion Council (AEPC) on Tuesday.
Grasim Industries advanced 3.62% to Rs 1,393.35 on BSE, extending gains for the second consecutive session.
Shares of Grasim Industries rallied 4.06% in two trading sessions from a recent closing low of Rs 1,338.90 on Friday, 5 March 2021.
On the technical front, the stock s RSI (relative strength index) stood at 75.892. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading above its 50-day moving average (DMA) placed at 1134.20 and its 200-day moving average (DMA) placed at 822.10.
Grasim Industries posted 103% jump in consolidated net profit to Rs 1,384 crore on 13% rise in revenue from operations to Rs 20,986 crore in Q3 FY21 over Q3 FY20.
Read more about Grasim Ind rises over 4% in two sessions on Business Standard. Grasim Industries advanced 3.62% to Rs 1,393.35 on BSE, extending gains for the second consecutive session.
Grasim net doubles on higher realisation
February 12, 2021
Grasim Industries viscose staple fibre facility at Nagda.×
Viscose Staple Fibre sales were up 3% at 1,42,000 tonnes
Grasim Industries, an Aditya Birla Group company, has reported that its consolidated net profit more than doubled in the December quarter to ₹2,152 crore against ₹1,040 crore logged in the same period last year.
Revenue was up 13 per cent at ₹20,986 crore (₹18,617 crore). On a standalone basis, net profit zoomed to ₹359 crore (₹185 crore) even as the sales were down five per cent at ₹3,672 crore (₹3,858 crore).
Spike in VSF business
Viscose Staple Fibre (VSF) sales were up 3 per cent at 1,42,000 tonnes (1,38,000 tonnes) and viscose fibre yarn sales were flat at 10 million tonnes. Revenue from VSF business was down two per cent at ₹2,145 core (₹2,194 crore). EBITDA was up 86 per cent to ₹482 crore (₹256 crore).
Read more about Grasim board approves fund raising plan on Business Standard. Grasim Industries said that the Finance Committee of the board of directors of the company has approved issue of non-convertible debentures (NCDs) on private placement basis, for an amount not exceeding Rs 500 crore, in one or more tranches.