This smallcap textile manufacturer rallies 14% to hit 52-week high, gains over 41% in November

The stock has been rising for the last three consecutive sessions and has gained almost 18% during the period. Over the past one month, the Siyaram Silk Mills share price has seen a sharp 47% jump.

On Tuesday, the stock climbed as much as 14.67% to hit an all-time high of ₹789 on the National Stock Exchange of India (NSE) and showed strong upward momentum, hinting at a further increase in the share price. However, the stock pared some of its early gains to close 13.6% higher at ₹782 apiece on the NSE.

Siyaram Silk Mills, popularly known as Siyaram’s, manufactures and markets fabrics, ready-made garments, and textile products. Its product portfolio comprises men’s clothing, yarns, and home furnishing, among others.

In the last week of October, the domestic textiles player reported an 11.3% year-on-year increase in net profit at ₹68.2 crore for the second quarter of the current fiscal ended September 2024. Revenue from operations was up 3.7% to ₹608 crore as against ₹586 crore in the corresponding period of the previous fiscal year.

Siyaram’s had also declared the first interim dividend of ₹4 per equity share on the paid-up equity shares of ₹2 each for the financial year 2024-25. The interim dividend was credited on November 14, 2024, to shareholders whose names appeared on the company’s records as of November 6.

Besides that, Siyaram’s Board had also approved a scheme of arrangement between the company and its shareholders. The scheme outlined the issuance and allotment of bonus preference shares to its equity shareholders. As per the scheme, the company would issue preference shares in two series—Series I and Series II—to existing equity shareholders by way of a bonus.