Aastha Spintex shares gain 5% after buying Falcon Yarns
Business
Aastha Spintex's shares bounced back 5% on Friday, closing at ₹122.89, right after the company announced it's buying Falcon Yarns, a cotton yarn maker from Gujarat.
The stock had been slipping after its July 6 market debut, dropping nearly 15%, so this news gave it a much-needed boost.
Aastha Spintex more than doubles capacity
With Falcon Yarns joining the team, Aastha Spintex will more than double its spinning capacity and ramp up spindle numbers too.
Managing Director Divyang Jashwant Patel called the move "strategic" for making the company stronger in the cotton yarn game.