Alok Industries spurts after receiving additional advance under EPBG scheme

Alok Industries surged 6.75% to Rs 6.33 at 11:39 IST on BSE after the company received an additional advance under the Export Performance Bank Guarantee Scheme backed export advance scheme.

The announcement was made after market hours yesterday, 14 September 2015.

Meanwhile, the BSE Sensex was down 143.86 points, or 0.56%, to 25,712.84

On BSE, so far 16.01 lakh shares were traded in the counter, compared with an average volume of 13.02 lakh shares in the past one quarter.

The stock hit a high of Rs 6.55 and a low of Rs 5.99 so far during the day. The stock hit a 52-week high of Rs 14.08 on 15 September 2014. The stock hit a 52-week low of Rs 5.15 on 25 August 2015.

The stock had underperformed the market over the past one month till 14 September 2015, falling 14.55% compared with 7.88% fall in the Sensex. The scrip, however, outperformed the market in past one quarter, gaining 1.72% as against Sensex's 2.15% decline.

The small-cap company has an equity capital of Rs 1377.32 crore. Face value per share is Rs 10.

Alok Industries announced that the company has now received an additional advance amounting to $50 million on 11 September 2015 under the Export Performance Bank Guarantee Scheme (EPBG) backed export advance scheme, taking the total export advance received under the scheme till date to $825 million. The company had earlier informed about the receipt of $775 million under the EPBG backed export advance scheme out of the targeted $1633.33 million or Rs 9800 crore.

Alok Industries' net profit declined 77.6% to Rs 9.72 crore on 9.8% fall in net sales to Rs 3359.53 crore in Q1 June 2015 over Q1 June 2014.

Alok Industries is India's largest fully integrated textile company, with a dominant presence in the cotton and polyester segments.

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