Aarvee Denims slips after shutting Ahmedabad unit

Aarvee Denims & Exports fell 2.48% to Rs 61.05 at 14:16 IST on BSE after the company said one of its manufacturing unit in Ahmedabad was closed with effect from 6 June 2017.

The announcement was made after trading hours yesterday, 8 June 2017.

Meanwhile, the S&P BSE Sensex was down 16.87 points, or 0.05% to 31,196.49.

On the BSE, 649 shares were traded in the counter so far, compared with average daily volumes of 5,042 shares in the past one quarter. The stock had hit a high of Rs 62 and a low of Rs 60.30 so far during the day. The stock hit a 52-week high of Rs 110.90 on 1 November 2016. The stock hit a 52-week low of Rs 57.05 on 30 May 2017.

The stock had underperformed the market over the past one month till 8 June 2017, falling 12.08% compared with 3.19% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 14.60% as against Sensex's 7.83% rise. The scrip had also underperformed the market in past one year, rising 4.95% as against Sensex's 16.63% rise.

The small-cap company has equity capital of Rs 23.46 crore. Face value per share is Rs 10.

Aarvee Denims & Exports announced that one of manufacturing unit situated at Narol in Ahmedabad has been closed with effect from 6 June 2017 due to closure notice issued by Gujarat Pollution Control Board (GPCB) for safety and health concerns.

The company said it is taking all the necessary steps to re-start the manufacturing unit at earliest by taking remedial measures as directed by GPCB.

Aarvee Denims & Exports reported net loss of Rs 1.30 crore in Q4 March 2017 as against net profit of Rs 3.35 crore in Q4 March 2016. Net sales rose 16.8% to Rs 265.37 crore in Q4 March 2017 over Q4 March 2016.

Aarvee Denims and Exports is a leading global player in the textile industry.

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