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Shares of Gokaldas Exports, a readymade garments manufacturing and exporting company, have rocketed. Shares of the company rose 19% on the Bombay Stock Exchange (BSE) on Wednesday to Rs. 883.55. Shares of Gokaldas Exports have gained more than 50% in the last 4 days. The jump in the company’s shares has come on the heels of a major deal in Dubai.
Gokaldas bought the Dubai company
Gokaldas Exports has acquired Dubai-based apparel company Atraco Group through its wholly owned subsidiary. Gokaldas bought the company for $55 million and thereby increased its global reach. The Atraco Group has assets in the UAE and Africa. The acquisition is expected to be completed in the third quarter of the current financial year. The transaction will be funded through debt and internal accruals.
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Shares of Gokaldas rose 50% in 4 days
Shares of Gokaldas Exports have seen a good jump in the last 4 days. Shares of the company have climbed more than 50% in 4 days. On August 25, 2023 at 10.30 am on BSE, the share price of Gokaldas Exports was Rs. was trading at 580.60. Shares of the company on BSE on 30 August 2023 at Rs. 883.55 has been reached. This is a new 52-week high for the company’s shares. Shares of Gokaldas Exports have surged nearly 64% in the past one month.
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What does Atraco Group do?
Dubai-based apparel company Atraco Group has a strong presence in the US and Europe. The company manufactures various products including shorts, pants, t-shirts for different age groups. The company has 4 manufacturing units in Kenya. Besides, the company has 1 unit in Ethiopia. The company produces around 40 million garments annually.
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