Indo Count rubbishes rumours, gains over 9%
DSIJ Intelligence / 23 Aug 2017
The stock of textile major Indo Count shot up over 9% following the company’s clarification on rumours of losing customers.
The stock of textile major Indo Count shot up over 9% following the company’s clarification on rumours of losing customers. “The company has not lost any customers. We strongly deny the rejection of orders by any of our customers. These rumours are totally false and baseless,” said Indo Count in a BSE filing on Tuesday post market hours.
“As a part of our forex policy, we are adequately covered for FY18. We are vigilant towards the rupee movement and, going forward, for FY19 we are taking adequate steps to hedge accordingly,” the company added. ICRA has reaffirmed the credit rating of ICRA AA - and ICRA A1+ for the company’s banking facilities with outlook revised to positive from stable, it added.
Indo Count was trading at Rs 109.10 per share, up by Rs 8.85 or 8.83% as at 1102 hours on Wednesday, on the BSE. The stock witnessed a spurt in volume by more than 2.26 times. It attracted a traded volume of 72,29,664 shares and traded value of Rs 7,737.19 lakhs on the NSE.
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