Trading 31% below 52-week-high, textile stock to raise ₹400 Cr via NCDs

Century Textiles Industries said today in a stock exchange filing that “Pursuant to Regulations 29 and 50 of the Listing Regulations, we hereby inform you that a meeting of the Board of Directors of the Company is scheduled to be held on Monday, 16th January, 2023, inter alia to consider and approve the proposal relating to raising of funds upto Rs. 400 crores in one or more tranches by issue of Listed, Rated, Unsecured, Redeemable, Non-Convertible Debentures of the Company on private placement basis, subject to such statutory and regulatory approvals as may be necessary under applicable law and within the borrowing limits approved by the shareholders.”

The shares of Century Textiles & Industries Ltd closed today on the NSE at ₹698.80 apiece level, down by -0.21% from the previous close of ₹700.30. The stock recorded a total volume of 41,893 shares compared to the 20-Day average volume of 87,897 shares. The stock has dropped 50.82% over the past five years while rising 37.34% over the past three years. The stock has declined 29.41% of its value over the past year, and on a YTD basis, it has fallen 3.89% so far in 2023 since 2nd January. 

The stock has fallen 13.90% over the past six months, and 8.43% over the past month. The stock had touched a 52-week-high of ₹1,024.00 on (12-January-2022) and a 52-week-low of ₹665.00 on (26-December-2022), indicating that at the current price level, the stock is trading 31.75% below the 1 year high and 5.08% above the 1 year low. The RSI indicator value for Century Textiles & Industries Limited as of January 10, 2023 is ₹36.5 which is neither in the overbought nor oversold zone. Century Textiles & Industries Ltd reported a promoter shareholding of 50.21% and a public shareholding of 49.79% for the quarter that ended in September, or Q2FY23.