Evince Textiles plans to purchase 30 air-jet weaving looms and accessories for Tk 21.29 crore to increase its production capacity and improve quality of products.

“We need to expand our business and improve quality to meet customers' requirements,” said Anwar-ul Alam Chowdhury, chairman of Evince Textiles.

He said his company currently produces around 1.2 crore yards of cotton-yarn a year.

The new looms and accessories will increase the company's production capacity by about 30 lakh yards.

The air-jet looms will cost Tk 10.56 crore, while the accessories Tk 10.73 crore, according to a posting on the Dhaka Stock Exchange website.

Based in Gazipur, Evince Textiles started commercial production in May 2003. It was listed on the stockmarket in 2016. Its net profit stood at Tk 2.38 crore with earnings-per share of Tk 2.25 at the end of June last year.

Each share of the company traded between Tk 22.8 and Tk 23.5 before closing at Tk 23.3 on the premier bourse yesterday. Sponsors hold a 36.67 percent stake in Evince Textiles, while institutional investors own 21.98 percent and retail investors 41.35 percent.

Currently, 47 companies are listed in the textile sector, which accounts for about 4 percent of DSE's market capitalisation.