Arvind rises on JV with Adient

Arvind rose 1.02% to Rs 391.50 at 12:45 IST on BSE after the company announced the formation of Adient Arvind Automotive Fabrics, a joint venture that will develop, manufacture and sell automotive fabrics in India.

The announcement was made during market hours today, 21 March 2018.

Meanwhile, the S&P BSE Sensex was up 168.16 points or 0.51% at 33,164.92.

On the BSE, 15,000 shares were traded on the counter so far as against the average daily volumes of 2.22 lakh shares in the past one quarter. The stock had hit a high of Rs 396.10 and a low of Rs 384 so far during the day. The stock had hit a 52-week high of Rs 477.85 on 11 January 2018 and a 52-week low of Rs 353.80 on 28 June 2017.

The large-cap company has equity capital of Rs 258.62 crore. Face value per share is Rs 10.

Adient Arvind Automotive Fabrics will be based in Ahmedabad, India, where it will manufacture high-end performance fabrics for automotive seating systems at a world-class fabric manufacturing facility.

On a consolidated basis, Arvind's net profit rose 8% to Rs 79.09 crore on 15.9% growth in net sales to Rs 2705.75 crore in Q3 December 2017 over Q3 December 2016.

Arvind is a textile company. The company's principal products/services are finished fabrics and garments.

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