Shares of GHCL Textiles Ltd. jumped over 14% on Wednesday to the highest in over two months after it signed a deal with the Tamil Nadu government to invest up to Rs 535 crore in the state.
The investment, though not binding, shall be spread over a period of four years, the company said without giving any details.
The MoU was signed at the Tamil Nadu Global Investors Meet 2024 and any updates thereon shall be provided by the company in due course, it said.
On the NSE, GHCL's stock rose as much as 14.23% during the day to Rs 83.90 apiece, the highest since Oct. 18. It was trading 10.96% higher at Rs 81.50 apiece, compared to a 0.12% decline in the benchmark Nifty 50 as of 1:58 p.m.
The share price has risen 19.15% in the last 12 months. The total traded volume so far in the day stood at 13 times its 30-day average. The relative strength index was at 75, indicating it was overbought.
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