Daily Stock Market News

Mauritius-based FII buys stake in penny stock that has surged 200% in one year


Mauritius-based foreign investment firm Eriska Investment Fund has bought stake in BSE listed micro-cap company Filatex Fashions Ltd. The foreign institutional investor (FII) bought 7 lakh shares of the company in a bulk deal executed on 22nd September 2022. As per the bulk deal details available on BSE website, then FII bought these shares at a price of 9.17 per share. This means, the Mauritius-based FII has invested 64.19 lakh in this penny stock.

After this stock market news spread, Filatex Fashions shares attracted bulls’ attention leading to spurt in volume on Thursday session. The stock hit 10 per cent upper circuit on Thursday. However, the stock has given whopping return in recent years. In last one month, this penny stock has risen from around 6.69 to 9.66 apiece levels, logging around 40 per cent rise in this time. In last six months, this penny stock has shot up from 6.22 levels to 9.66 apiece levels, logging around 50 per cent appreciation in this time. In last one year, this micro-cap stock has surged from 2.90 to 9.66 per share levels, appreciating to the tune of 225 per cent in this period.

However, in June 2009, this stock was available at around 96 apiece levels and from there it slipped into single digit number and became a penny stock in next one year time. In June 2010, Filatex Fashions Ltd share price crashed below 10 and became one of the penny stocks in Indian stock market. In 2015, it tried to come out of the penny stocks group but bears continue to dominate the scrip and pulled the stock in single digit price once again. Since then, it has been oscillating in single digit price. On Thursday session, this scrip hit 10 per cent upper circuit and a new 52-week high as well.

Filatex Fashions is the major supplier of socks of various sizes and designs to reputed companies and brands like Maxwell (VIP Group), Fila India, Adidas, Park Avenue, Tommy Hilfiger, Metro etc. Filatex has also been producing socks for the license holders like Walt Disney, Warner Brothers, Planet, Mickey Mouse, Simpsons and 32 other licentiates. Other brands include Bella, etc.

Filatex Fashions caters to all kinds of segment like children, girls, school boys, official, premium quality and export quality etc. The company is also major supplier to E-commerce giants like Amazon, Flipkart, Snapdeal, Shop clue etc. The company not only delivers quality products to above brands, but also have its own brand “Tuscany” ; “Smartman” which are getting good traction from consumers in India.

The company has also produced for other reputed brands like Mark & (Spence), Hugo Boss, Giovanni, Primavera and many top labels of the European fashion world.

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