Shares of Khadim India Limited surged 18 per cent to Rs 276.10 apiece on the BSE on Friday, thus extending its rally for third straight day after the company announced, on Tuesday, the opening up of a subsidiary in Bangladesh.
The stock has rallied 50 per cent in three days. At 10:48 AM, shares of the company were trading 18.4 per cent higher at Rs 277.05 as compared to a flat benchmark S&P BSE Sensex. A combined 450,000 shares had changed hands on the National Stock exchange (NSE) and BSE till the filing of this report.
On September 10, Khadim informed the BSE it had incorporated a wholly-owned subsidiary in Bangladesh in the name of "Khadim Shoe Bangladesh Limited."
"Khadim Shoe Bangladesh Limited is incorporated for conducting the business of Footwear and related accessories in order to expand the existing line of business activities in Bangladesh," the company said in the filing.
In another separate development, the footwear maker informed the exchanges, on September 11, that the company's non-executive, non-independent direction, Namrata Ashok Chotrani, had resigned from the board of directors with immediate effect "due to personal reason".