Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  
Google
Web www.equitybulls.com
Stock Report

| More

Shahlon Silk Industries has sold land to reduce debt

Posted On: 2020-11-24 06:45:30 (Time Zone: Arizona, USA)


Shahlon Silk Industries, a leading textile player, has realised Rs. 18.50 crore from dilution of non-core asset, a land admeasuring 22619 sq. mtrs. under compulsory acquisition by Government of India for Vadodara Mumbai Express Highway. The proceeds would be used to reduce debt to the tune of Rs. 12.50 crore and the remaining Rs. 6 crore would be used for working capital - strengthening the balance sheet.

The Company declared it's Q2FY21 Results, Highlights are as under:

- Revenue from operations was at Rs 39.59 crore, against Rs 10.4 Cr in Q1FY21 Quarter.
- EBITDA has increased to Rs 5.70 crore, against Loss of Rs 0.30 Cr in Q1FY21.
- EBIDTA % improved on a YoY basis from 11.2% to 14.4% due to better realisations and overall improvement in the demand scenario.
- Net Profit was at Rs 0.39 crore against Loss of Rs 6.lCr in Q1FY21.

Commenting on the Results and sale of non-core assets, Mr. Dhirajlal Raichand Shah, Chairman, said "We are witnessing strong recovery in sales because of overall improvement in retail and e-commerce sales. The Company is witnessing an improvement in demand as the markets continue to recover from the slowdown caused by the pandemic. Moreover, our exports are back to 75% level of its pre-covid level and expected to be normalized soon. Furthermore, Dilution of non-core asset has enhanced cash flows of the company to the tune of Rs. 18.50 crore.

The performance in the first half of this year had been subdued owing to the lockdowns imposed by the government, but we are witnessing very good revival in demand in the second half.

There is a strong and steady flow of orders and we expect it to continue through the entire second half of the year and further."

He further added that, "The recent PLI Scheme (Production Linked Incentive) announced by the Government is a major step in the positive direction and our Company being one of the leading MMF & Technical Textile player stands to gain from the scheme as it provides incentives for manufacture and export of specific textile products."

Shares of Shahlon Silk Industries Ltd. was last trading in BSE at Rs. 58.60 as compared to the previous close of Rs. 59.75. The total number of shares traded during the day was 3673 and the deliverable quantity was 3351 shares.

The stock hit an intraday high of Rs. 59.70 and intraday low of Rs. 57.25.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

Ind-Ra upgrades Happiest Minds Technologies Limited's Long-Term Issuer Rating

Brickwork reaffirms Dhanlaxmi Bank's rating of Lower Tier-II bonds - Series XV

AGEL commissions 100 MW Gujarat Wind Power Project 5 months before schedule

Meera Industries Limited receives order of $180,000

Atul Auto launches its all new Nxt Gen, Atul RIK CNG Autorickshaw for Gujarat

NATCO receives final approval for Everolimus tablets for the US market

Blue Star declared winner of the prestigious 'Golden Peacock Award for Excellence in Corporate Governance' for 2020

Just Dial enters into an advertisement agreement for IPL

Fortis Hospital, Faridabad extends it services at Mathura, Launches Super Specialty OPD services

Fire accident at Radico Khaitan Ltd's Rampur plant

Adani Ports and SEZ Limited to allot 1 crore shares to Windy Lakeside Invesment Ltd

Hero MotoCorp Limited announces exclusive offer for women riders

Mayukh Dealtrade Ltd board to consider Stock Split of Equity Shares

CARE downgrades ratings of Srei Infrastructure Finance Limited to default category

Shish Industries Limited forms subsidiary

Dhani Services Limited board approves sponsored Level III ADR

Prakash Steelage Ltd board approves sale of shares of Tubacex Prakash India Pvt Ltd

Sayaji Hotels Management Ltd enters into management agreement for 7 properties

GRSE Lays Keel of 3rd Ship of Prestigious Project 17A Advanced Stealth Frigate

NMDC revises prices of iron ore w.e.f. 06-03-2021

Aarti Speciality Chemicals Limited receives an approval accorded under PLI Scheme for Pharmaceutical Sector

Mawana Sugars Limited approves investment of Rs. 10 crores in Siel Industrial Estate Ltd

TVS Motor Company to provide free COVID-19 vaccination to all employees and their immediate family members

Satyam Silk Mills Ltd board to consider rights issue on March 10, 2021

GRM Overseas Ltd board to consider interim dividend on March 10, 2021

Rushil Decor Limited starts commercial production of MDF board at new Vizag plant

IIFL Securities Ltd board to consider interim dividend on March 10, 2021

DCW Limited allots debentures to Kotak Special Situations Fund

M G George Muthoot, Chairman of Muthoot Finance Limited passes away

Acuite Ratings & Research Limited update on rating of Edelweiss Financial Services Limited

Kotak Mahindra Bank Appoints Dr Ashok Gulati as an Additional Independent Director on its Board

Xanadu Realty ties up with Poddar Housing Development Limited in a mega portfolio deal

Edelweiss Financial Services Limited updates on credit rating of proposed NCD issue

IndiGrid signs the largest power transmission deal with Sterlite Power AUM to leapfrog to over INR 200 Bn

Indian Bank to divest stake in JV, ASREC India Ltd

Dai-ichi Karkaria Limited updates on Kasarwadi Land Deal

AKI India Ltd approves construction of effluent treatment plant

Kotak Silk Launches Eduseries for Financial Independence of Women

Ind-Ra has assigned ratings to JSW Hydro Energy Ltd

Shriram EPC Limited board to consider issue of preference shares to lenders

Suncare Traders Limited to demerge investment division to Madhav Infra Projects Ltd

Astral Poly Technik Limited fixes March 19, 2021 as record date for bonus issue

Mazagon Dock Shipbuilders Limited gifts refrigerated truck

Sandhar Technologies Ltd announces incorporation of step down subsidiary

NMDC LTD. board to consider interim dividend on Mar 11, 2021

CRISIL revises outlook of Canara Bank's long-term debt instruments

Hero MotoCorp launches 4-day special service and exchange carnival

ICICI Lombard General Insurance Company Limited board approves interim dividend of Rs. 4

Sun Pharma arm to acquire stake in WRS Bioproducts Pty Ltd, Australia

Kirloskar Oil Engines Ltd declares interim dividend of Rs. 1.50 for FY21



Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2020