Mittal Life Style Limited today announced that it has secured orders worth approximately ₹5 crore for supplying denim fabrics to suppliers of Arvind Lifestyle Brands Limited and Myntra Designs Private Limited. The Mumbai-based company will supply 2 lakh meters of denim fabric, with the possibility of larger quantities on the same terms during the validity period.
Shares of Mittal Life Style Limited were trading at ₹2.55 at 11.20 am today, up ₹0.12 or 4.94 per cent on the NSE.
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The company attributed the additional demand to positive end-user response to its specialty denim products. These include overdyed fabrics with bold colors different from regular indigos, denims with horizontal slub effects that create a unique post-wash impression, and fabrics with innovative dobby designs.
Mittal Life Style reported that most of the order execution has been completed. The company confirmed that the orders come from domestic entities and do not fall under related party transactions.
The contract gives suppliers the freedom to increase the order quantity during the validity period under the same conditions. The company also clarified that its promoters and promoter group have no stake in the entities that awarded the contracts.
