The shares of Alok Industries dipped and froze at a 4.73 percent lower circuit on Monday, October 17 after the company reported a net loss of ₹191.50 crore in the quarter ended September 2022.
During Monday’s trade, the stock recorded a new 52- week- low of Rs. 16.10 against the previous low of Rs. 16.80 which it touched on October 14, 2022.
The stock has been in a downtrend since last week and has shown a dip of over 6 percent. In the last six months, the stock has given a negative return of almost 36 percent. Furthermore, the stock gave a negative return of nearly 40 percent in the past 1 year to the shareholders. Additionally, the stock is 55 percent down from its 52-week-high of 35.80 recorded on January 17, 2022.
On Saturday, 15 October, integrated textile company Alok Industries reported a widening of its consolidated net loss to ₹191.50 crore for the second quarter that ended on September 30, 2022, PTI reported.
In the quarter ending in July-September of the previous year, the company, which was bought by Reliance Industries together with JM Financial Asset Reconstruction through NCLT-monitored insolvency proceedings, had declared a net loss of ₹84.11 crore.
Its revenue from operations was down 10.81 per cent to ₹1,698.58 crore during the quarter under review as against ₹1,904.57 crore in the corresponding period of the last fiscal, the official statement reported.
Alok Industries Limited is an India-based textile company engaged in the cotton and polyester business. The company is engaged in manufacturing of textile, including mending and packing activities; leather and other apparel products. The company's divisions include spinning division, polyester division, home textiles division and apparel & fabric division. It is a small cap company with a market capitalization of Rs. 8391.26 crores.
