Trending Small Cap: Alok Industries surges after NCLT approves insolvency proceedings
DSIJ Intelligence / 19 Jul 2017
Alok Industries share price surged by 2.81 per cent after National Company Law Tribunal (NCLT) approved the insolvency proceeding filed by SBI to recover its loan of Rs. 3772 crore.
Alok Industries share price surged by 2.81 per cent after National Company Law Tribunal (NCLT) approved the insolvency proceeding filed by SBI to recover its loan of Rs. 3772 crore.
At the same time NCLT has rejected the petition filed by Industrial and Commerce Bank of China (ICBC) for dismissal of insolvency proceedings against the company based on ongoing litigations in Bombay High Court.
The company owes Rs. 23000 crore to a consortium of lenders. The lenders have already begun insolvency proceedings against the company by filing an application to NCLT in the month of June.
Alok Industries is an integrated textile company with a dominant presence in the Cotton and Polyester segments. The Company is involved in manufacturing of textile, apparel fabrics and leather products.
The company has narrowed its loss to Rs. 3071 crore in FY17 from the loss of Rs. 4367 in FY16.
Today, the stock opened at Rs. 2.85, and touched an intraday high and low of Rs 2.93 and Rs 2.82 respectively. At 12:12 pm, the stock was trading at Rs. 2.90 on the BSE
If you want to stay updated with the share market news today, keep a close watch on the indian stock market today with real time movements like sensex today live and overall stock market today trends. Investors tracking ipo allotment status, ipo news today, or the latest ipo india can also follow daily updates along with bse share price live data. Whether you are learning how to invest in stock market in india, preparing for a market crash today, or searching for the best stocks to buy in india, insights on top gainers today india, top losers today india, trending stocks india and long term stocks india help in making informed investment decisions.