stock market trends: Globe Textiles Announces Acquisition plan & Right issue
Globe Textiles Announces Acquisition to accelerate growth Posted by NILESH WAGHELA Mumbai: Globe Textiles Announces Acquisition to accelerate growth and drive sustainability in manufacturing and fashion apparel. Globe Textiles plans forward integration by acquisition, adding to the business growth with projection of upward of 30% in revenue and reach a top-line of 520 crores over coming 3 years on a consolidated basis Globe Textiles demonstrated outstanding financial results for Q3, 2023. The company’s profit after tax has increased fourfold from 47.61 lakhs to 163.83 lakhs in the previous quarter. Globe Textiles India Limited (GTIL) to fund up to Rs. 20 crores for acquisition via proposed right issue of up to Rs 49 crore. Acquisition is part of a forward integration strategy to have an integrated unit, upward movement in fashion apparel, increase market share, margins and asset base of a sustainable and environmentally friendly facility with Zero Liquid Discharge system and partl...