Alok Industries news and archive

Alok Industries to raise funds by selling its properties

Alok Industries plans to raise around Rs 2,000 crores over the next two years by selling its Store 21 and land in Mumbai, Vapi and Silvassa. To begin with, it would sell its land in Mumbai over the next six months expecting to raise at least Rs 300 crores. Next on agenda is to scout a buyer for its UK retail chain, Store 21, for which it has...

Apparel

Alok to sell UK chain

Alok Industries, the two billion dollars (Rs 11,861 crores) textile major wants to sell the UK retail chain, Store Twenty One, which it had acquired five years ago. The sale is part of Alok's strategy to focus on sustainable growth oriented units. Of late, many Indian firms are moving to sell their overseas assets as the weakening global economy...

Apparel

Positive Q1 for Alok, Arvind due to stable cotton prices

Alok Industries and Arvind two major textile companies are expecting to see a better quarter. Reason: cotton prices during the fourth quarter of FY13 have remained stable at around Rs 10,000 a quintal and synthetic fibre prices have been on the higher side. Although cotton prices were around the same level last year during the same time,...

Apparel

Alok to open mill in the US

Indian textile manufacturer Alok Industries is planning to open its first textile mill in the US, in an effort to save on energy costs. Alok counts Walmart and Macy's among customers for its home textiles like sheets and towels. The mill, which would spin US-grown cotton into yarn or thread, would be a major shift in the textile industry. For...

Apparel

Positive budget measures fail to cheer textile stocks

Though the Finance Minister in the Union Budget announced the extension of zero excise duty to textiles at the garment stage, the measures failed to lift stocks of textile companies listed today. Textile stocks gave up all the gains made earlier in the day and ended in the red as the measures announced for the sector were more or less on...

Apparel

Savile Row snaps ties with Alok Industries

After government approved 100 per cent FDI in single-brand retail, many global companies are eyeing independent entry into the country. London-based Savile Row, known for its famed business suits and shirts, and Mumbai-based textile major Alok Industries are also looking to end their 15-month partnership in India. But instead of going solo, the...

Apparel

Alok registers 283.02% Q2 growth, to exit non-core biz

Recording a 283.02 per cent growth in net profit at Rs 289.62 crores on a standalone basis for the quarter ended September 30, compared to the same period last year, textile company Alok Industries is targeting March 2014 to exit all its non-core businesses, mainly real estate and UK retail. The company’s net profit stood at Rs 75.61 crores in...

Apparel

Analysts sceptical about Alok’s ambitious plans

On September 25, Alok Industries announced a rights issue of Rs 551 crores, which is likely to let the company gain through savings on interest cost. It would have had to pay if opted to raise more debt. Since the announcement, the company’s stock outperformed the Sensex, with a gain of 9.1 per cent, compared with the benchmark index’s rise of...

Fashion

Indian textile/apparel industry hard times continue...

Even as the economic slowdown in the West continues to impact garment and textile exports from India, the domestic front especially the retail segment continues to worry player as they hope for some positive cheer during the festive season. This, despite the fact, that many of them have been forced to put their expansion plans and investments on...

Apparel

Alok to shut 45 H&A stores

Owing to high rentals, and low consumer buying sentiment, retail business of textiles major Alok Industries has suffered a loss. The company is now planning to shut 45 out of the 137 exclusive retail outlets it operates under the H&A brand by next month. This step is being taken to improve bottomlines and focus on its core business of...

Apparel

Crisil assigns a fundamental grade to 3/5 to Alok Industries

Research firm Crisil has assigned a fundamental grade of 3/5 to Alok Industries in a recent report. Alok Industries, an integrated textile company and in the last five years, it recorded a growth rate of 35 per cent. It is one of the largest manufacturers of processed fabrics in India, and the grade assigned to the company is based on the...

Apparel

Alok Industries’ Q3 PAT up 50 per cent

Leading integrated textile company Alok Industries has reported a 50.12 per cent growth in profit-after-tax at Rs 147.66 crores for the third quarter ended December 31, 2011 compared to the same period last fiscal. The company had reported Rs 98.36 crores PAT in the corresponding period previous fiscal, the company said in a statement. Net sales...