Textile stock trading down 31% from 52-week high, to raise ₹400 cr via NCDs

Century Textiles Industries said in a stock exchange filing today that “Pursuant to Regulation 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, January 16, 2023, inter alia.” as well as to consider and approve a proposal relating to raising funds up to Rs.400 crore 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 required under applicable law and within the borrowing limit sanctioned by the shareholders.”

Shares of Century Textiles & Industries Ltd. closed today on NSE 698.80 each level, down -0.21% from its previous close 700.30. The stock recorded a total volume of 41,893 shares as compared to the 20-day average volume of 87,897 shares. The stock has declined 50.82% in last five years while gained 37.34% in last three years. The stock value has declined by 29.41% over the last year, and on a YTD basis, it has declined 3.89% since January 2, 2023.

The stock has fallen 13.90% in last six months and 8.43% over last month. The stock touched a 52-week high 1,024.00 (12-Jan-2022) and at a 52-week low 665.00 at (26-Dec-2022), indicating that at current price levels, the stock is trading 31.75% below 1-year high and 5.08% above 1-year low. The RSI indicator value for Century Textiles & Industries Ltd. as of January 10, 2023 is 36.5 which is neither in the overbought nor in the oversold zone. Century Textiles & Industries Ltd reported promoter shareholding at 50.21% and public shareholding at 49.79% for the quarter ended September or Q2 FY2023.