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Garware Technical shares reach an all-time high

Stocks
2 min Read Nov 18, 2024
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Garware Technical Fibres achieved a remarkable milestone on Monday as its shares surged 13.8% on the BSE, hitting an all-time high of ₹4,485.05 per share. The surge followed the company's strong Q2 performance and the announcement of a generous bonus issue.

Key highlights of Garware Technical

  1. Stock movement

  • Share price rose by 13.42% to ₹4,482 around 9:28 AM on BSE.

  • In contrast, the BSE Sensex dropped by 0.50%, closing at 77,194.27.

  1. Market capitalisation: Stood at ₹8,898.19 crore.

  2. 52-week performance

  • High: ₹4,567.8 per share.

  • Low: ₹3,116.1 per share.

Q2 FY24 financial performance

Garware Technical Fibres showcased robust financial performance in the September quarter:

  1. Net profit: ₹66 crore, up 26% Y-o-Y from ₹52 crore in Q2 FY23.

  2. Revenue from operations: ₹421 crore, a 28.1% increase from ₹328 crore a year ago.

  3. EBITDA: ₹91 crore, compared to ₹69 crore in Q2 FY23.

  • EBITDA margins improved to 21.7%, up from 20.9%.

Board approves bonus issue

The company's board approved a bonus issue of 7,94,12,676 equity shares with a bonus ratio of 4:1, meaning:

  • Shareholders will receive 4 new fully paid-up equity shares for every 1 existing share.

  • Pre-bonus share capital: ₹19,85,31,6901 with 1,98,53,169 equity shares of ₹10 each.

  • Post-bonus share capital: ₹99,26,58,4501 with 9,92,65,845 equity shares of ₹10 each.

About Garware Technical Fibres

Established in 1976 and headquartered in Pune, Maharashtra, Garware Technical Fibres is a leading name in technical and industrial textiles. The company provides innovative solutions across industries such as agriculture, aquaculture, automotive, and infrastructure.

  1. Product portfolio highlights

  • Synthetic fibres, nets, and ropes.

  • Applications in crop protection, fishing nets, geosynthetics, and safety products.

  1. Stock performance and growth

  • Garware shares have delivered a 24.8% return over the past year, surpassing the Sensex’s 18% growth.

With its solid fundamentals and bonus issue, many investors see this as an opportune moment to buy shares online.

Why consider Garware Technical Fibres?

  • Consistent financial growth.

  • Leadership in technical textiles with a strong focus on innovation and sustainability.

  • A lucrative bonus issue that enhances shareholder value.

Investors looking to diversify their portfolios can explore options to buy shares online, leveraging the promising trajectory of Garware Technical Fibres.