Lagnam Spintex migrates from NSE Emerge to main board of NSE

Lagnam Spintex, a cotton yarn manufacturer, has announced its migration from NSE Emerge to Main Board of NSE. Elaborating on the major announcement of migration from NSE Emerge to the Main Board of NSE, Lagnam Spintex said that the Company has received approval from the National Stock Exchange of India Limited on Tuesday, 28th September 2021 for the migration of 17669000 equity shares from the SME Emerge platform to the Capital Market Segment (Main Board) of National Stock Exchange of India Limited w.e.f. September 30, 2021.

Recently, the Lagnam Spintex reported financial results for FY 2022, where the standalone PAT increased to Rs 6.11 crores against a loss of Rs.7.41 crores during the same period of last year, resulting in 182% growth. The sales turnover of the company stood at Rs. 74.72 crores during the Q1 of FY 22 against Rs. 19.64 crores during Q1 of FY 21.

Commenting on the announcement, Anand Mangal, Promoter and Managing Director of Lagnam Spintex Ltd., said, "It is really a proud moment for us as the company known for its quality and commitment is migrating from NSE Emerge to Main Board of NSE. It is a significant milestone achieved by us as this will boost liquidity to all investors. "

Lagnam Spintex says that it has been contributing to India's economic growth story as it has paid advance tax for April-September 2021-22 - Rs 165 lakhs, as compared to Rs 95 Lakhs paid for the Financial Year of 2020-21.