Garware Technical Fibres shares gained sharply on September 19, as heavy volumes and positive momentum raised the stock by around 13 percent in trade. So far in the day, a total of one lakh shares of the company changed hands on BSE and NSE combined, compared to the monthly average trading volume of 14,000 shares.
At 10:55 am, Garware Technical Fibres shares were trading over 14 percent higher at Rs 4,426.5 on the NSE. The counter is trading near its 52-week high of Rs 4288.8, and above all its key moving averages.
The stock has rallied 27 percent so far this year, outperforming Nifty's returns of 17 percent. In the past 12 months, the counter has zoomed 36 percent. In comparison, Nifty rose 26 percent during this period.
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Promoter holding in the counter has remained consistent at 53 percent across eight quarters, while mutual funds and DIIs have been bumping up their stake in the small-cap textile player.
The Kotak Small Cap fund holds around five percent in this firm, while an SBI fund owns 7.3 lakh shares or 3.7 percent of the total equity.
Garware Technical Fibres reported standalone net sales at Rs 356.01 crore in June 2024, up 11.26 percent on-year. Its net profit for the quarter ended June came in at Rs 56.4 crore, higher by almost 27 percent year-over-year.
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