Himatsingka Seide gains on board nod for capex plan

The board has approved an investment of Rs 1,281 crore to expand the Group's manufacturing facilities at Hassan.

Shares of Himatsingka Seide has moved higher by 6% to Rs 191 on the BSE after the company announced that its board approved an investment of Rs 1,281 crore to expand the Group’s manufacturing facilities at Hassan.

The investments entail an increase in its current sheeting capacity, backward integration into spinning and a foray into terry towels. The investments will be carried out in phases over the next three years, the company said in a press release.

Commenting on the expansion, the Executive Director Himatsingka Seide Mr. Shrikant Himatsingka said, “these growth initiatives are synergistic with our current nature and scale of operations and they will help consolidate the Group’s position in the global home textile space.”

The Himatsingka Group operates over 12 brands globally in the home textiles space. Its brand portfolio includes marquee brands such as Calvin Klein Home, Barbara Berry, Espirit, Bellora and Atmosphere.

At 02:06 PM, the stock was up 2.5% at Rs 186 on the BSE. A combined 776,480 shares changed hands on the counter on the BSE and NSE.