Commissioner of Textile department Bangalore initially sanctioned subsidy of Rs. 71757571 vide order dated 20/08/2024 and released a sum of Rs. 29433830. Now the Company received form the ....
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 1.6 pts more than Nifty Microcap 250 and 2.1 pts more than its Other Textile Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
Minute windows have no benchmark: there is no intraday index history to compare against.
The Commissioner of Textile Development, Karnataka, has ordered the release of a balance industrial subsidy of Rs. 2,79,72,227 to Maris Spinners Limited under the state textile and readymade garments industrial policy 2019-24. The company had originally been sanctioned a subsidy of Rs. 7,17,57,571, of which 25% (Rs. 2,94,33,830) had already been disbursed in earlier tranches. Following a reclassification by the Senior Audit Officer as a 'Large Industry' under MSME norms, the eligible subsidy was revised downward to Rs. 5,74,06,057 (after 20% reduction on the Rs. 28.70 crore investment). The remaining Rs. 2.80 crore will now be released from the treasury under the 2025-26 policy quota of Rs. 7,500 lakhs.
This is a positive cash-flow event for Maris Spinners, with Rs. 2.80 crore of government subsidy coming in. However, the total subsidy was cut sharply from the originally sanctioned Rs. 7.18 crore to Rs. 5.74 crore due to the Large Industry reclassification, so the net benefit is lower than initially expected.