Penny stock under ₹2: Filatex Fashions’ share price is expected to be in focus when the Indian stock market resumes trading activities on Monday. On Friday, the small-cap stock was in focus for receiving an export order worth ₹293 crore for the supply of 2,97,388 metric tonnes of White Marble. The Company’s subsidiary in the mining business, Filatex Mines and Minerals Private Ltd, has received this order. The Company shared the development with the Indian stock market exchange on Thursday, which led to a sharp upside in the penny stock.
The penny stock, around ₹1, touched the upper circuit on Friday’s session. However, the penny stock under ₹2 is expected to remain in focus for a few more sessions as the news has been completely discounted by the investors or not will become public only when the Indian stock market opens on Monday.
Filatex Fashions’ share price opened on Friday with an upside gap at ₹1.18 apiece on the NSE and touched an intraday high of ₹1.24 per share, locking in a 5 per cent upper circuit within a few minutes of the stock market’s opening bell.
Filatex Fashions news
The small-cap stock informed the Indian market exchanges about the development on Thursday, saying, “We are pleased to inform you that in continuation to the disclosure of purchase order made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 on 26.07.2024, worth USD 35 million received by Filatex Mines and Minerals Private Limited, Subsidiary of the Company from Bloomflora Ventures Limited, a press release regarding the recent developments in the Company including the Purchase Order is attached for reference and records of the Exchanges.”
Explaining the order, the penny stock under ₹2 said, “Company’s subsidiary in the mining business, Filatex Mines and Minerals Private Ltd, has received this order from Bloom Flora Ventures Limited, a company in the Hospital Development Business, for their upcoming 54 hospitals in Africa. The order for the supply of White Marble over seven years is estimated to be USD 35 million (around Rs. 293 crore). It is the first export order for the Company’s mining subsidiary.”
Filatex Fashions stock split 2024
To enhance liquidity in the capital market and widen the shareholder base, the Company, in the board meeting held on 7 June 2024, approved a 1:5 (5-for-1) stock split. The Company also approved the sub-division of the existing 1 Equity Share of the face value of ₹5, each fully paid up, into 5 Equity Shares of Re 1, each fully paid up. The record date for the purpose of the stock split was fixed on 9 August 2024.
This penny stock under ₹2 is available for trade on BSE and NSE. It ended on Friday with a trading volume of 4,33,12,520 on NSE. On Friday last week, it finished with a market cap of ₹1,008 crore. After price adjustment post-stock split, its 52-week high is ₹2.86 apiece, while its 52-week low is ₹1.15 apiece on the NSE.
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