Mittal Life Style Limited announced today, that it has secured orders worth approximately ₹5 crore for supplying denim fabrics to vendors of Arvind Lifestyle Brands Limited and Myntra Designs Private Limited. The Mumbai-based company will supply 2 lakh meters of denim fabrics, with the possibility of increased quantities under the same terms during the validity period.
The shares of Mittal Life Style Limited were trading at ₹2.55 up by ₹0.12 or 4.94 per cent on the NSE today at 11.20 am.
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The company attributed the additional demand to positive end-user response to its specialised denim products. These include over-dyed fabrics with distinct colours, different from regular indigos, denims with horizontal slub effects that create unique post-wash impressions, and fabrics featuring innovative dobby designs.
Mittal Life Style reported that the majority of the order execution has been completed. The company confirmed that the orders are from domestic entities and do not fall under related party transactions.
The contract allows vendors the discretion to increase the order quantity under the same terms and conditions during the validity period. The company also clarified that its promoters and promoter group have no interest in the entities that awarded the contracts.
