Filatex Fashions Set to Soar: This Small-Cap Penny Stock Under ₹2 Lands Massive ₹293 Crore Order – Monday Market Buzz

Filatex Fashions, a penny stock priced under ₹2, is expected to attract attention when the Indian stock market opens on Monday. Last Friday, this small-cap stock made headlines after receiving a significant export order worth ₹293 crore. The order, for the supply of 2,97,388 metric tonnes of White Marble, was secured by the Company’s subsidiary, Filatex Mines and Minerals Private Ltd. This news was shared with the Indian stock exchange on Thursday, leading to a sharp increase in the stock’s price.

Stock Hits Upper Circuit on Friday

On Friday, Filatex Fashions’ share price surged, opening at ₹1.18 per share on the NSE and reaching an intraday high of ₹1.24, where it hit the 5% upper circuit within minutes of the market opening. Despite this spike, investors are keen to see if the stock will continue to perform when trading resumes on Monday.

Official Announcement of the Export Order

Filatex Fashions informed the market exchanges about the new order on Thursday. The company shared, “We are pleased to inform you that in continuation to the disclosure of purchase order made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 on 26.07.2024, worth USD 35 million received by Filatex Mines and Minerals Private Limited, Subsidiary of the Company from Bloomflora Ventures Limited, a press release regarding the recent developments in the Company including the Purchase Order is attached for reference and records of the Exchanges.”

The order was placed by Bloom Flora Ventures Limited, a company involved in the hospital development business, for their upcoming 54 hospitals in Africa. The seven-year contract for White Marble supply is valued at USD 35 million (around ₹293 crore). This is the first export order for Filatex Fashions’ mining subsidiary.

Filatex Fashions Stock Split 2024

In an effort to boost liquidity and expand its shareholder base, Filatex Fashions held a board meeting on 7 June 2024, where they approved a 1:5 stock split. This means that one equity share with a face value of ₹5 was subdivided into five equity shares of ₹1 each. The record date for this stock split was set for 9 August 2024.

Filatex Fashions is listed on both the BSE and NSE, with Friday’s trading volume reaching 4,33,12,520 on the NSE. The stock closed with a market cap of ₹1,008 crore. After adjusting for the stock split, its 52-week high is ₹2.86 per share, and its 52-week low is ₹1.15 per share on the NSE.