Lesser-known textile player Vinny Overseas has recently installed Epson machines for digital printing in textiles. The textile player has invested a significant number of internal accruals and partial debt from banks to meet the entire capex of these three machines.
With the installation of these machines, the company expects to achieve a revenue of Rs 12 crores annually. These machines are designed to provide high-quality digital printing on textile materials with speed and efficiency. The company is fully equipped to utilize these machines to deliver the outcomes.
Shares of Vinny Overseas were trading slightly lower at Rs 16 on Wednesday, compared to its close at Rs 16.50 on Tuesday, after hitting its 52-week high at Rs 16.60. The garment and apparel company commanded a total market capitalization of Rs 400 crore as of its previous close.
Shares of Vinny Overseas have rallied about 750 per cent in the last six months, whereas the stock is up about 170 per cent in the last first two months of 2022.
In addition to the Epson machines, the company has also placed an order for two Kyocera machines, which will be phased-wise installed in March and April which will enable it to further enhance production capacity and deliver an annual revenue of Rs 18 crores, translated into Rs 1.5 crores per month.
On February 25, Vinny Overseas announced to allott 13,14,82,241 equity shares of Re 1 each as fully paid Bonus Shares to the existing shareholders of the Company as on record date, which was February 24, 20.23 in the ratio of 13:10. Eligible shareholders received 13 fully paid equity shares for every 10 equity shares held.
Also Read: Adani Enterprises shares jump 29% in just 2 trading sessions
Also Read: Sensex, Nifty recover post 8-day fall: Should you buy or sell stocks?
Vinny Overseas returned to the black for the nine months that ended on December 31, 2023 as it reported a net profit of Rs 1.39 crore, compared to a net loss of Rs 3.93 crore in the same period a year ago.
Established in 1992, Vinny Overseas exports textile products to various countries including Dubai, Bahrain, Indonesia, Sri Lanka, the USA, China, Brazil, Oman and others.