Monte Carlo Fashions has partly resumed operations at its Ludhiana manufacturing facility after getting approvals from concerned authorities in Punjab.
After being on lockdown since 23 March, the Government has now allowed some relaxations to certain sectors and manufacturing facilities that will receive approvals provided they fulfill the criteria outlined by the health ministry.
Post reports of resuming operations, Monte Carlo Fashion’s share prices jumped 20 per cent. The stock has gained 45 percent so far in April in accordance with the overall equity market rally. It was quoting at Rs. 159.75, up Rs. 2.75 or 1.75 per cent on the BSE at 1 pm yesterday.
However, the company’s stores are set to remain closed till further notice, which will result in their profits taking a hit.
For the third quarter ended December, they had reported a net profit of Rs. 72 crore and net sales of Rs. 406 crore.