scorecardresearchCampus Activewear gains 5% following acquisition of land in Himachal Pradesh

Campus Activewear gains 5% following acquisition of land in Himachal Pradesh

Updated: 13 Apr 2023, 11:27 AM IST
TL;DR.

  • On the technical front, the stock hit an intraday high of 346.60 and low of 334.15. The stock price rose 2.3%, outperforming its sector by 3.8% in the past week. The stock's weekly average delivery volume is 57.39%.

Campus Activewear: The business is considering adding 72 lakh pairs of soles, 36 lakh pairs of uppers, and a 36 lakh pair assembly line within the next 18 months.

Campus Activewear: The business is considering adding 72 lakh pairs of soles, 36 lakh pairs of uppers, and a 36 lakh pair assembly line within the next 18 months.

Shares of Campus Activewear Ltd surged 5% in Thursday's trading session following the company's acquisition of land and a building from Marico in Himachal Pradesh's Paonta Sahib.

On Wednesday, the sports and athleisure footwear company in an exchange filing said that it has purchased the land parcel and a building from FMCG major to expand its existing capacity for the manufacturing of semi-finished goods (Sole and /or Upper) and assembly of footwear.

The entire transaction is an all-cash deal worth 16.70 crore.

According to an exchange filing, the transaction will be financed partly through term loan and internal accruals.

Further, the capacity expansion is to meet the business growth and increased backward integration. The intended capacity is to be added over a period of 1.5 years beginning in April 2023. On Wednesday, April 12, the sale deed was signed.

The business is considering adding 72 lakh pairs of soles, 36 lakh pairs of uppers, and a 36 lakh pair assembly line within the next 18 months.

On the technical front, the stock hit an intraday high of 346.60 and low of 334.15. The stock price rose 2.3%, outperforming its sector by 3.8% in the past week. The stock's weekly average delivery volume is 57.39%.

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Campus Activewear in the last five trading sessions.

However, the stock has fallen 46.53% from its 52-week high of 639.3.

 

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First Published: 13 Apr 2023, 11:27 AM IST