Shares of Mirza International, locked in a high for the third day in a row, were up 10% at Rs 60.40 on the BSE at 10:54 am on Friday. In contrast, the S&P BSE Sensex fell 0.09% to 59,578 points.

The average volume traded over the counter has more than doubled today. A total of 8.14 million shares, or 6% of Mirza International’s total share capital, have changed hands on the NSE and BSE.

The stock surged 45% from Tuesday’s Rs 41.60 over the past three sessions after the company’s shares were allowed to trade under ‘A’ shares after shifting from ‘T’ shares effective April 18, 2023.

Shares of Mirza International have more than doubled or gained 101% in the last nine trading sessions from Rs 30.02 touched on April 6, 2023.

Mirza International is one of India’s leading Manufacturers and Exporters of Leather Shoes, Garments and Accessories. From March 28, 2023, Mirza International will start trading ex-REDTAPE business.

The scheme of consolidated arrangement between RTS Fashions Private Limited, Mirza International and REDTAPE has been approved by the National Company Law Tribunal, Prayagraj Allahabad Bench, see letter dated February 21, 2023.

The company had fixed March 29, 2023, as the record date to determine the eligibility of the equity shareholders of Mirza International, to whom REDTAPE equity shares of Rs 2 each shall be issued and allotted in full. Demerger of the branded business of Mirza International/RedTape business (demerged business) in the ratio of 1 equity share of Rs 2 each in RedTape to 1 equity share of Rs 2 each in Mirza International.

Management said Mirza International would focus on manufacturing and exporting leather-based footwear and accessories, which have been its mainstay since its inception. It will export leather, white label and private label for men’s and women’s footwear, upholstery, furniture and accessories in global markets.

The company will continue to hold Mirza (UK). It will position itself as a pre-eminent manufacturing partner for leading global brands looking for a first quality and scale partner, exclusively selling our leather footwear and accessories in international markets.

Management further believed that this move to separate domestic and international businesses would help drive a more focused growth strategy for the respective businesses, thereby unlocking their true potential.

The global footwear market is projected to grow by 12.83% YoY by 2028. According to management, changing lifestyles, a growing economy, and heightened health concerns drive global footwear demand, especially during the pandemic.

Consumer perceptions of footwear have also undergone a dramatic shift. Consumers no longer only focus on footwear and the functionality of footwear but are gradually turning to fashion footwear. The leather and non-leather sectors comprise the Indian footwear industry, driven by a robust domestic market. The non-leather footwear industry in India is expected to grow eightfold by 2030, according to Invest India’s report on the “Non-Leather Footwear Industry in India.” India’s non-leather footwear industry will soon cross the $6 billion mark by 2024, Mirza International said in its annual report for FY22.