Alok Industries to sell Mileta, stock gains 3.6%

Textile company Alok Industries moved up as much as 3.6 percent intraday on Monday on news reports that the company will sell its subsidiary based in Czech.

DNA reported that the company is looking to sell its Czech-based wholly owned manufacturing company Mileta.

According to analyst presentation shared by the company on the Bombay Stock Exchange, Mileta registered sales of 18.52 million euro in 2011-12.

The report says, "The management is of the opinion that having derived all the benefits from Mileta, it will now exit the company."

At 12:36 hours IST, the stock gained 2.3 percent to Rs 12.02 on Bombay Stock Exchange.

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