&w=3840&q=100)
Ashish Kacholia portfolio stock hits record high; zooms 27% in 5 days
In the past five trading days, the stock has zoomed 27 per cent from the level of Rs 475.70 on April 30, 2025. The market price of Faze Three has skyrocketed 90 per cent from its March month low of Rs 318 on the BSE.
Ashish Kacholia owns 5 per cent stake in Faze Three
Investor Ashish Kacholia held 1.32 Million equity shares representing 5.42 per cent stake in Faze Three at the end of March 2025 quarter, the shareholding pattern data showed. Currently, Ashish Kacholia's 5.42 per cent stake is valued at Rs 76.58 crore.
What's fuelling rally in Faze Three stock price
After nearly three and a half years of negotiations, India and the United Kingdom announced on Tuesday the conclusion of talks for a free trade agreement (FTA) that could reshape the way Indians work and do business in Britain.
According to media reports, textile duties may reduce from 12 per cent to nil, a positive for India's exporters.
With this, India currently matches Bangladesh's most favored nation (MFN) status and Vietnam FTA in securing tariff-free access to the UK. While the FTA enhances India's textiles competitiveness, sustained gains will depend on improved cost structure and productivity. Overall, the trade deal appears to favour India's labor-intensive industries such as textiles, leather goods, and agricultural products, according to analysts at Elara Capital.
Clothes are the second-largest export to the UK from India, with the South Asian nation shipping £900 million worth of goods in 2024. The removal of tariffs will enhance India's competitiveness against countries like Bangladesh and Vietnam, according to the Federation of Indian Export Organisations.
Also Read
Apparel retailers such as Marks and Spencers and Primark are expected to shift sourcing to India from Bangladesh after this deal, Bloomberg reported quoting P Senthilkumar, a partner at Vector Consulting.
About Faze Three
Faze Three is engaged in manufacturing and export of Home Textile Products, cotton handlooms, furnishing fabrics and textile made ups. It has a diversified product basket which includes cotton and rubber backed bath mats, durries, chair pads, tufted bedspreads and throws, hand tufted carpets and rugs made of cotton and wool, cushion covers, curtains as well as poly cotton and cotton damask table covers, napkins, patio mats, and seat covers amongst others.
Faze Three caters to the high end home textiles segment and the orders are custom made as per the client specifications. Majority of the revenue (~90 per cent FY 2023-24) is derived from the international market. The key export markets include the United States of America (USA), United Kingdom (UK), Germany, Australia, Hong Kong, Canada, South Africa, Brazil and others.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
29 minutes ago
- Mint
Short-seller Viceroy accuses Vedanta promoters of hidden stake via welfare trust
The entity under scrutiny is PTC Cables Pvt. Ltd (PTCC), which holds a 1.91% stake in Vedanta Ltd, a company with a market capitalization of ₹ 1.75 trillion, according to BSE data. PTCC is owned by Bhadram Janhit Shalika Trust (BJST), which Viceroy alleges is controlled by the Agarwal family, founders of the Vedanta Group. According to Viceroy, PTCC received ₹ 1,500 crore in dividend income from Vedanta over the past five years, and the capital was "upcycled" to promoter-linked entities. 'PTCC exists for one purpose: to quietly recycle Vedanta's cash into promoter-controlled vehicles while maintaining the illusion of independence," the Viceroy report said. Vedanta denied the allegations. 'These assertions are baseless," a spokesperson for the company said, adding that the company was compliant with the disclosure norms as stipulated by the Securities and Exchange Board of India (Sebi) and the Companies Act, 2013. 'Neither BJST nor PTCC are part of the promoter group as defined under applicable regulations, and their shareholding has been transparently disclosed in public filings," the spokesperson added. A day after Viceroy released its report, JP Morgan had issued a note, telling investors not to get distracted by the allegations on corporate governance and financial management, and that the global brokerage had an Overweight rating on both Vedanta Resources Ltd and Vedanta Ltd. Viceroy's claims are based on publicly available records. In a 2009 income-tax case, BJST's correspondence address was listed as Anil Agarwal's personal residence in Mumbai. In another case, the trust's address was that of Todarwal & Todarwal, a firm linked to Arun Todarwal, who currently serves as a director on the board of Sterlite Power Grid Ventures, a Vedanta subsidiary. Todarwal has also previously served as a director on the boards of Hindustan Zinc Ltd, Sterlite Technologies, MALCO, and BALCO. The report acknowledged that no conclusive documentation of current control was available, noting that Indian trusts are subject to less stringent disclosure obligations compared to companies. Viceroy also cited unnamed former Vedanta employees who claimed that the Agarwal family's control over PTCC was an "open secret" within the company. In addition to alleging hidden promoter ownership, the report flagged governance concerns at PTCC. The company was incorporated in 1993 with the Agarwal family as shareholders and was transferred to BJST in 2017. Its current directors are Todarwal and Kannan Ramamirthan. Ramamirthan is an independent director of Hindustan Zinc, Vedanta's most profitable subsidiary. He has also previously served on the boards of other Vedanta group firms, including Talwandi Sabo Power Plant, BALCO, Sterlite Energy, and Sterlite Interlinks. Vedanta has not disclosed in its filings that PTCC—classified as a public shareholder—has directors with long-standing associations with the group. The company did not respond to a specific query on this issue. Calls and emails to Todarwal for a comment did not elicit a response. Mint could not reach Ramamirthan for a comment. Concerns about the independence of BJST and PTCC are not new. In a 2020 note, proxy advisory firm Stakeholder Empowerment Services (SES) had said that BJST was previously known as the SIL Employee Welfare Trust and was linked to Sterlite Industries Ltd, which was later merged into Vedanta. The trust was subsequently renamed as BJST. 'It is not clear as to who presently controls the BJST," SES had written. However, if the firm was under the control of Vedanta, then PTCC should be classified as a promoter shareholder, it said. Viceroy's first report on the Vedanta Group was published on 10 July, a day before Vedanta Ltd's annual general meeting (AGM). The initial report triggered a drop in the company's stock, though shares later recovered. At the AGM, shareholders reposed their faith in the company. Since the report's release, Vedanta shares have gained 2% to close at ₹ 449.75 on Tuesday. Also Read | Vedanta shareholders back firm after Viceroy report Viceroy has disclosed a short position in the bonds of Vedanta Resources, the unlisted holding company of the group, but said it has no exposure to Vedanta Ltd or any other listed Vedanta entities in India.
Time of India
33 minutes ago
- Time of India
For the first time, Nashik civic body to start stray cat sterilisation & vaccination
Nashik: The civic body has launched a programme to sterilise stray cats in the city for the first time. The Nashik Municipal Corporation (NMC) administration invited tenders from agencies and contractors registered with the Animal Welfare Board of India to catch, sterilise, and vaccinate stray cats against rabies. Currently, the civic body captures stray dogs and sterilises them through private agencies, with approximately 800 stray dogs sterilised each month. Over the past nine years, around 80,000 dogs were sterilised by the NMC administration through appointed agencies. The teams respond to complaints about stray dogs, excluding those already sterilised. After the procedure, the dogs were returned to their original locations. Last month, the NMC general body approved the civic administration's proposal for the sterilisation and vaccination of stray cats. This action aligns with the Prevention of Cruelty to Animals Act, 1960, and the Animal Birth Control (dogs) Rules, 2022, which mandate control of the stray cat population. State govt had previously issued relevant guidelines through a circular. NMC officials said they have floated the bid for the sterilisation of stray cats and their vaccinations against rabies. The last date for bid submission is July 29. The appointed agency for cat sterilisation will be required to establish necessary facilities, including an operation theatre, a dedicated cat ward, and essential utilities such as water and electricity. The initial contract period is set for one year, with an estimated cost of Rs 20 lakh, funded under the stray animal sterilisation budget. NMC has allocated Rs 3.5 crore in its budget for the financial year 2025-26.
Time of India
33 minutes ago
- Time of India
Sessions court denies bail to Ketan Kadam in Mithi River desilting contract scam, says he is 'key accused'
Mumbai: The sessions court in the city denied bail to Ketan Kadam, an alleged middleman involved in the Rs 65 crore Mithi River desilting contract scam. The court observed that, prima facie, he played a crucial role in the conspiracy, causing wrongful loss to the civic body. On July 11, Additional Sessions Judge N G Shukla rejected Kadam's bail plea, and on Tuesday, in the reasoned order, observed that the probe was still ongoing. "After considering the material placed on record, it appears that the role of the applicant is crucial in setting the terms and conditions of the contract for desilting work since prior to the entering of Virgo in the MOU for the purchase of machines and entering into an agreement for hire with the contractors," the order said. The prosecutor opposing his bail stated that the BMC had given contracts for desilting the Mithi River at different sites in Mumbai to various companies by inviting tenders from 2019 to 2024. The prosecution's case was that Kadam, Chief Executive Officer (CEO) of Virgo Specialties Pvt Ltd, allegedly conspired with BMC officials and contractors to meddle with tender conditions, forcing contractors to hire machines from his firm. You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai Claiming he had no role as alleged, Kadam sought bail also on parity, citing co-accused who were released. The court observed that statements from several witnesses, including high-ranking BMC officers, are yet to be recorded in the case. The court perused the material on record and observed that "the applicant (Kadam) personally gained various amounts from the contractors in the bank account of his shell company… This material prima facie shows that the applicant is the key accused in the conspiracy of causing wrongful loss to BMC." The case, being investigated by EOW, is against 13 persons.
