Textiles firm Mafatlal Industries witnessed a 15% surge in its stock price on June 15 following the announcement of an agreement with the Defence Research and Development Organisation (DRDO) and the defence ministry. The deal involves the production and sale of anti-microbial bed sheets.
In an exchange filing, Mafatlal stated that the Technology Transfer Agreement (ToT) signifies a strategic move to diversify its product range and market presence, especially in catering to the defence sector’s needs with advanced and high-quality products.
According to DRDO, the demand for such bed sheets arises from the susceptibility of military barracks to microbial infections, influenced by various environmental and situational factors.
Following the announcement, the company’s stock soared by 15%. As of 2:44 pm, it was trading at Rs 155.85 on the BSE, reflecting a 13% increase from the previous day’s close.
While the stock has witnessed a decline of 9.33% over the past six months, it has shown significant growth of 155.21% over the last 12 months.
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