H P Cotton Textile Mills to form subsidiary for PLI scheme in textiles

The Board of Directors of H.P. Cotton Textile Mills Limited in their Meeting held on March 07, 2022 has given in-principle approval to establish a wholly owned subsidiary for production linked incentive (PLI) scheme for textiles and to make investment by way of capital and / or debentures and / or loans and / or corporate guarantees, subject to the approval of application filed under PLI Scheme which is intended to promote production of MMF Apparel & Fabrics and Technical Textiles products, issued by Ministry of Textiles, Government of India vide its Notification No. 12015/03/2020-IT dated 24.09.2021 and published on 27.09.2021 in the Gazette of India and such other necessary approvals, if required.

Subsequent to the approval of application under PLI Scheme, the Board of Directors will approve and authorize any Director of the Company to establish a wholly owned Subsidiary Company and complete the necessary formalities thereof.

Shares of H.P.COTTON TEXTILE MILLS LTD. was last trading in BSE at Rs. 118.70 as compared to the previous close of Rs. 125.35. The total number of shares traded during the day was 10528 in over 197 trades.

The stock hit an intraday high of Rs. 148.00 and intraday low of 116.30. The net turnover during the day was Rs. 1291257.00.

Source : Equity Bulls

Keywords

HPCOTTONTEXTILEMILLS INE950C01014 Subsidiary Investment PLIScheme