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    Cash Market | A bull sash at support levels in Indo Count

    Positive Divergence seen in daily time frame with Indo Count Industries with a bull sash at candle support along with open and low being the same.

    Moneycontrol Contributor
    March 31, 2022 / 08:53 AM IST
    Cash Market | A bull sash at support levels in Indo Count

    Indo Count Industries | Indo Count Industries' project management committee has approved expansion of its bed linen capacity by around 20 percent from its existing annual capacity of 90 million meters to 108 million meters by debottlenecking and balancing its facilities. Further, the company said it proposed to make a brownfield investment for adding commensurate cut & sew facilities and for enhancing the capacity for top of the bed (TOB) products. "This will entail a capex of around Rs 150 crore." "The existing spinning unit will also be modernised with compact spinning technology, which will entail a capex of Rs 50 crore," said the company, adding post modernisation, this capacity will also be used for captive consumption in the company's home textiles unit. Indo Count said the total capex would be around Rs 200 crore and will be funded by a mix of internal accruals and debt and is expected to be operational in second half of FY22. This news came in after market hours on March 18. The stock closed 3.80 percent lower at Rs 113.80 on March 18. It hit a 52-week high of Rs 171.75 on December 8, 2020, and a low of Rs 21.85 on March 25, 2020. The market-cap of the company stands at Rs 2,246.41 crore.

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