Arvind Share Price Jumps Over 5% As Net Profit Increases
Arvind share price jumped 5.26% to Rs 348.10 apiece, the highest level since July 9. It was trading 1.40% higher at Rs 340 apiece as of 1:20 p.m., as compared to 0.22% advance in the NSE Nifty 50.
Arvind share price jumped over 5% in Tuesday's session after its first-quarter results showed its net profit increased. Its consolidate net profit increased 35.4% on the year to Rs 53.2 crore during April–June from Rs 39.3 crore.
The company's operating profit advanced 18.3% to Rs 177 crore from Rs 150 crore in the corresponding period of the previous financial year. Margin advanced 60 basis points on the year to 8.8% from 8.2% .
Arvind share price jumped 5.26% to Rs 348.10 apiece, the highest level since July 9. It was trading 1.40% higher at Rs 340 apiece as of 1:20 p.m., as compared to 0.22% advance in the NSE Nifty 50 index.
The stock declined 9.47% in 12 months, and 17.36% on year-to-date basis. Total traded volume so far in the day stood at 1.7 times its 30-day average. The relative strength index was at 43.65.
Seven analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 32.1%.
