Shares of Axita Cotton extended their gains for the straight third session as the company bagged a major order from Bangladesh for Indian Raw Cotton. According to the company’s exchange filing with the bourses, the order is worth $3.28 million.
The Gujarat-based Cotton ginning company has bagged multiple orders from various spinning mills in Bangladesh for Indian raw cotton lately. Prior to the latest order of Rs 26.92 crore, the company had announced an order win of $2.71 million (Rs 22.21 crore). Axita Cotton has an order book of more than $6 million (Rs 49.20 crore)
The order was placed by a prominent textile company in Bangladesh. The order comprises four international buyers and which will be shipped to the country over the next 3 months, the company said.
Shares of Axita Cotton rose another 3 per cent on Thursday to Rs 63. The stock has gained about 13 per cent in the last three sessions from Rs 56 on Monday. Its latest market capitalization stood around Rs 1,240 crore.
Shares of Axita Cotton have jumped about 440 per cent from its 52-week low at Rs 11.67 on April 4, 2022. The scrip hit a 52-week high at 69.60 on February 15 this year. The stock has rallied 20 per cent in the last one month, while in six months, its return has been 110 per cent.
Axita Cotton has been exporting Raw cotton & cotton yarns to Asian countries including Bangladesh, China, Vietnam and some European countries for the last six years. The company is among the leading raw cotton manufacturers and exporters in India.
The company produces cotton bales and cotton seeds, with a focus on two varieties of cotton bales: Shankar-6 and MCU-5/MECH. The production facility is located in Kadi, in the Mehsana District of Gujarat state, which is strategically positioned near the major cotton growing areas of Saurashtra and other regions of Gujarat.
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