India's Aditya Birla Fashion up most in nearly 6 years on plans to demerge unit

Aditya Birla Fashion and Retail

02/04/2024 05:54

** Shares of Aditya Birla Fashion and Retail  ADIA.NS  up as
much as 15% at 243.35 rupees, its biggest intraday gain since
August 2018
    ** Apparel retailer said it plans to demerge its Madura
Fashion & Lifestyle unit into a separate listed entity
    ** Madura Fashion contributes to more than 70% of ADIA's
total revenue
    ** Trading volume nearly 10x the 30-day moving average in
its second-busiest trading session ever
    ** Stock last up 13%, on track for third straight session of
gain
    ** Avg rating of 20 analysts at "hold"; median PT is 230
rupees - LSEG data
    ** Stock up 7% YTD after falling 22% in 2023
    

 (Reporting by Kashish Tandon in Bengaluru)
 ((kashish.tandon@thomsonreuters.com))