Indo Count Industries Ltd Share Price – NSE  /  BSE

Textiles, Small Cap

The frontline indices further pared losses to trade near the flar line in early afternoon trade. The Nifty climbed above the 21,950 mark. Media shares declined after advancing in the past two trading sessions.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was down 54.93 points or 0.08% to 72,424.80. The Nifty 50 index lost 24.25 points or 0.11% to 21,971.60.

The broader market underperformed the benchmark indices. The S&P BSE Mid-Cap index dropped 0.80% while the S&P BSE Small-Cap index fell 0.31%.

The market breadth was weak. On the BSE, 1,411 shares rose and 2,231 shares fell. A total of 131 shares were unchanged.

Politics:

India is gearing up for its election in 2024. The BJP is looking to consolidate its grip on power as it aims for a historic third term while a band of opposition parties, including the Congress, has formed a united front called INDIA to deny PM Modi another victory. The elections will occur in 7 phases, starting on 19 April and ending on 1 June. The Lok Sabha elections 2024 results will declared on 4 June.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 5.80% to 13.80. The Nifty 25 April 2024 futures were trading at 21,963.00, at a discount of 8.6 points as compared with the spot at 21,971.60.

The Nifty option chain for the 25 April 2024 expiry showed maximum Call OI of 101.5 lakh contracts at the 23,000 strike price. Maximum Put OI of 72 lakh contracts were seen at 22,000 strike price.

Buzzing Index:

The Nifty Media index slipped 1.12% to 1,868.35. The index has rallied 2.35% in the past two trading sessions.

Network 18 Media & Investments (down 3.41%), Nazara Technologies (down 2.84%), Dish TV India (down 1.98%), TV18 Broadcast (down 1.91%), Sun TV Network (down 1.44%), Zee Entertainment Enterprises (down 1.1%), PVR Inox (down 0.49%), Saregama India (down 0.12%) declined.

On the other hand, Tips Industries (up 0.7%), Hathway Cable & Datacom (up 0.68%) edged higher.

Network18 Media & Investments slipped 3.41% after the company’s consolidated net loss widened to Rs 95.95 crore in Q4 FY24 as against a Rs 36.78 crore recorded in Q4 FY23. Revenue from operations climbed 63.06% year on year to Rs 2,419.28 crore in the quarter ended 31 March 2024.

Stocks in Spotlight:

Indo Count Industries rose 0.30%. The company said that its American subsidiary has acquired the global brand 'Wamsutta’ (including trademarks rights associated with the brand) from Beyond Inc.

ICICI Securities rose 0.41%. The broking firm’s consolidated net profit zoomed 104.3% to Rs 536.53 crore in Q4 FY24 as against Rs 262.68 crore recorded in Q4 FY23. Total income was at Rs 1,544.44 crore in the quarter ended 31 March 2024, registering a growth of 74.5% year on year (YoY).

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Beyond, Inc. is an ecommerce expert. It owns Overstock.com, Bed Bath & Beyond, Baby & Beyond, Zulily, Kids & Beyond, Backyard.com, College Living, and other related brands and associated intellectual property. Its suite of online shopping brands features millions of products for various life stages that millions of customers visit each month.

Wamsutta – an industry-leading home fashions brand – has delighted generations of consumers with luxurious bed, bath and other home fashion products. The brand was established in 1846. It has long history in the textile industry and is known as a ‘national brand’ in North America. The brand’s product line encompass various categories including bedding, bath linens, window treatments and decorative accessories.

This acquisition, which closed on 18 April 2024, strengthens Indo Count’s brand portfolio, and elevates its position in the premium market segment.

Mohit Jain, Executive Vice Chairman of Indo Count, expressed his enthusiasm about the acquisition, stating, Wamsutta – with its 178-year brand heritage – resonates strongly in the marketplace. We will explore multiple channels of distribution to reach the core Wamsutta consumer and also introduce an entire new generation to the exceptional quality and luxury of the Wamsutta brand.”

Indo Count Industries is the largest global home textile bed linen manufacturer. The company’s current annual capacity is 153 million metres.

The company's consolidated net profit jumped 53.96% to Rs 58.06 crore on a 8.54% increase in sales to Rs 713.42 crore in Q3 FY24 over Q3 FY23.

The scrip lost 0.62% to currently trade at Rs 370 on the BSE.

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Indo Count Industries announced its strategic acquisition of the international home fashions brand WAMSUTTA from Beyond, Inc. (NYSE: BYON).

Wamsutta - an industry-leading home fashions brand - has delighted generations of consumers with luxurious bed, bath and other home fashion products. This acquisition, which closed on 18 April  2024, strengthens Indo Count's brand portfolio, and elevates its position in the premium market segment.

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Indiabulls Housing Finance Ltd Partly Paidup, Data Patterns (India) Ltd, Infibeam Avenues Ltd and JSW Energy Ltd are among the other gainers in the BSE's 'A' group today, 26 February 2024.

Indo Count Industries Ltd spiked 9.33% to Rs 355 at 11:47 IST. The stock was the biggest gainer in the BSE's 'A' group. On the BSE, 5.19 lakh shares were traded on the counter so far as against the average daily volumes of 52225 shares in the past one month.

Indiabulls Housing Finance Ltd Partly Paidup soared 6.53% to Rs 113.45. The stock was the second biggest gainer in 'A' group. On the BSE, 8.46 lakh shares were traded on the counter so far as against the average daily volumes of 22.12 lakh shares in the past one month.

Data Patterns (India) Ltd surged 6.36% to Rs 2514.75. The stock was the third biggest gainer in 'A' group. On the BSE, 76669 shares were traded on the counter so far as against the average daily volumes of 3.28 lakh shares in the past one month.

Infibeam Avenues Ltd added 6.09% to Rs 36.56. The stock was the fourth biggest gainer in 'A' group. On the BSE, 46.99 lakh shares were traded on the counter so far as against the average daily volumes of 88.04 lakh shares in the past one month.

JSW Energy Ltd exploded 5.87% to Rs 535.6. The stock was the fifth biggest gainer in 'A' group. On the BSE, 2.16 lakh shares were traded on the counter so far as against the average daily volumes of 1.92 lakh shares in the past one month.

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