Indo Count Industries Ltd Share Price – NSE  / BSE

Textiles, Small Cap

Net profit of Indo Count Industries declined 28.59% to Rs 81.54 crore in the quarter ended September 2024 as against Rs 114.18 crore during the previous quarter ended September 2023. Sales rose 2.67% to Rs 1035.85 crore in the quarter ended September 2024 as against Rs 1008.96 crore during the previous quarter ended September 2023.

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Indo Count Industries will hold a meeting of the Board of Directors of the Company on 7 November 2024

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Indo Count Industries  announced another strategic move to broaden its Utility Bedding segment.

Indo Count Global, Inc. (ICG), a 100% U.S. based subsidiary of Indo Count Industries has acquired Modern Home Textiles, Inc., manufacturer of wide range of pillows and other filled products (Utility Bedding) having its facility located at Phoenix, Arizona with an annual capacity to produce 8 mn. pillows.

ICG also acquired last month majority stake in Fluvitex USA, Inc., a pillow and quilt manufacturing company based in Columbus, Ohio which has the capacity to produce 5 mn. pillows and 1.5 mn. quilts. This back-to-back acquisition is a stepping stone to establish an integrated utility bedding business for the North American Market.

These acquisitions have different locations one in Midwest and the other one on the West Coast thus providing an efficient distribution base to both existing and prospective customers.

With these two acquisitions, the total manufacturing capacity in USA will be 13 mn. Pillows and an additional capacity of 1.5 mn. Quilts annually. At full capacity, the total expected revenue is USD 85 mn. plus. The Customer base in both Fluvitex and Modern Home Textile are not overlapping, thus providing a strong projected growth. These investments by Indo Count Global, USA are part of a larger plan to build significant capacities in pillow manufacturing to service the utility bedding customers in North America.

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The key equity indices reversed all losses and traded with small gains in mid-morning trade. The Nifty marched above the 25,400 level after hitting the day’s low of 25,352.25 in morning trade. IT shares advanced after declining in the previous trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex, added 92.63 points or 0.12% to 83,079.37. The Nifty 50 index rose 34.45 points or 0.14% to 25,418.20.

In the broader market, the S&P BSE Mid-Cap index shed 0.02% and the S&P BSE Small-Cap index fell 0.41%.

The market breadth was weak. On the BSE, 1,565 shares rose and 2,000 shares fell. A total of 138 shares were unchanged.

IPO Update :

The initial public offer (IPO) of Western Carriers (India) received bids for 12,88,93,197 shares as against 2,08,68,467 shares on offer, according to stock exchange data at 11:15 IST on Tuesday (17 September 2024). The issue was subscribed 6.18 times.

The issue opened for bidding on Friday (13 September 2024) and it will close on Thursday (19 September 2024). The price band of the IPO is fixed between Rs 163 to Rs 172 per share. An investor can bid for a minimum of 87 equity shares and in multiples thereof.

The initial public offer (IPO) of Northern Arc Capital received bids for 9,92,54,442 shares as against 2,14,78,290 shares on offer, according to stock exchange data at 11:15 IST on Tuesday (17 September 2024). The issue was subscribed 4.62 times.

The issue opened for bidding on Monday (16 September 2024) and it will close on Thursday (19 September 2024). The price band of the IPO is fixed between Rs 249 to 263 per share. An investor can bid for a minimum of 57 equity shares and in multiples thereof.

The initial public offer (IPO) of Arkade Developers received bids for 20,51,50,000 shares as against 2,37,75,719 shares on offer, according to stock exchange data at 11:15 IST on Tuesday (17 September 2024). The issue was subscribed 8.63 times.

The issue opened for bidding Monday (16 September 2024) and it will close on Thursday (19 September 2024). The price band of the IPO is fixed between Rs 121 to 128 per share. An investor can bid for a minimum of 110 equity shares and in multiples thereof.

Buzzing Index :

The Nifty IT index rose 0.40% to 43,526.40. The index fell 0.10% in the past trading session.

Tech Mahindra (up 0.79%), Mphasis (up 0.76%), LTIMindtree (up 0.72%), L&T Technology Services (up 0.47%) and Persistent Systems (up 0.47%), HCL Technologies (up 0.31%), Tata Consultancy Services (up 0.19%), Coforge (up 0.16%), Infosys (up 0.02%) advanced.

Stocks in Spotlight :

Indo Count Industries added 1.75% after the company said that its wholly owned subsidiary Indo Count Global has acquired majority stake of 81% in Fluvitex USA, Inc.

JK Tyre & Industries fell 1.07%. The company’s board approved the plan to merge Cavendish Industries with the company.

HEG declined 1.89% after the Gulshan Sakhuja resigned as CFO with effect from 16 Monday 2024.

Global Markets :

Asia-Pacific stocks traded mixed on Tuesday as investors awaited for the Federal Reserve to kick off its monetary loosening cycle.

Regional markets were influenced by a mixed performance on Wall Street, where technology stocks pulled down the Nasdaq Composite. Conversely, the Dow Jones Industrial Average reached a new high, driven by optimism about lower interest rates.

Trading volumes were subdued due to market holidays in China and South Korea. Sentiment towards China was dampened by concerns about a potential escalation in trade tensions with the West.

The Fed is set to meet Tuesday and Wednesday and is widely anticipated to lower rates for the first time since it began its hiking cycle in March 2022. Markets are pricing in at least 100 basis points of cuts this year.

In the United States, the S&P 500 gained 0.13%, while the Dow Jones Industrial Average rose 0.55%, notching a record close. The tech-heavy Nasdaq Composite declined by 0.52%.

Apple shares fell by 2.8% following analyst reports suggesting weaker demand for iPhone 16 Pro models compared to the previous year. Chip stocks, such as Nvidia, which led the market rebound last week, also faced selling pressure as investors took profits.

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