Ritika
Multibagger Penny Stock: Mauritius-based foreign investment firm Eriska Investment Fund has bought stake in BSE listed micro-cap company Filatex Fashions Ltd. Foreign Institutional Investors (FIIs) bought 7 lakh shares of the company in a bulk deal on 22 September 2022.
As per the bulld deal details available on the BSE website, FIIs have bought these shares at a price of ₹9.17 per share. Even before this, foreign investors have a big investment in this stock. Now a Mauritius based FII has invested a total of Rs 64.19 lakh in this penny stock. The shares of the company are trading at Rs 9.62 with a gain of about 5% today.
Strong rally in stocks
Shares of Philatex Fashion caught the attention of the bulls after the stock market news broke. Due to this, its volumes increased in Thursday’s session. The stock touched the upper circuit of 10 per cent on Thursday. This stock has given good returns in recent years. This penny stock has risen from around ₹6.69 to ₹9.66 per level in the last one month. During this period it increased by about 40 percent. In the last six months, this penny stock has risen from the level of ₹6.22 to the level of ₹9.66. There has been an increase of about 50 percent in this time. This micro-cap stock has risen from ₹ 2.90 to ₹ 9.66 per share level in the last one year. That is, it has given a return of 225 percent during this period.
However, in June 2009 the stock was around Rs 96 and in June 2010 the share of Philatex Fashion Ltd fell below ₹10 and became a penny stock in the Indian stock market. It has been fluctuating in single digit price since 2015. In Thursday’s session, the stock touched a 10 per cent upper circuit and a new 52-week high.
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company business?
Filatex Fashion is a leading supplier of socks of different sizes and designs for well-known companies and brands like Maxwell (VIP Group), Fila India, Adidas, Park Avenue, Tommy Hilfiger, Metro etc. Filatex is also producing socks for licensees such as Walt Disney, Warner Bros., Planet, Mickey Mouse, The Simpsons and 32 other licensed brands including Bella.
