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Elysian Wealth Fund has increased its stake in Vishal Fabrics Limited to 6.89 per cent. According to the information shared the increase has been received by the company through the preferential allotment of 8067176 equity shares. The face value of each share is Rs 5. They received these shares after the conversion of fully convertible warrants. The thing that is to be noted here is that Elysian Wealth Fund is not a part of the promoter group. The stock opened in the green at Rs 36.25 on the BSE against the previous close of Rs 34.77. However it tumbled to touch the low of Rs 35 representing a fall of 2.15 per cent from the closing price of the last trading session. The stock has given a return of 44 percent in the last 6 months. At the same time the stock has risen by 1 percent in a year. In five years the stock has given a negative return of 41 percent. Leading denim fabric manufacturer Vishal Fabrics on Friday reported a 92 per cent jump in profit after tax to Rs 9.16 crore for the April-June quarter compared to Rs 4.78 crore in the year-ago period. The Chiripal Group company reported a 17 per cent increase in total income to Rs 397.18 crore in the June quarter compared to Rs 340.10 crore in the corresponding quarter of the previous financial year according to a statement. The performance was driven by healthy revenue momentum efficient cost management and strategic business initiatives it said. The Indian textile industry is going through an interesting phase with the recently concluded FTA with UK which will open up newer opportunities for the sector Dharmesh Dattani CFO of Vishal Fabrics said. “The company will continue to focus on new geographies for growth operational efficiency and value-added product offerings. In the quarters to come our focus will be to expand our presence in Latin America Europe Africa and Bangladesh” Dattani said. With PTI inputs