India's Arvind Fashions near 1-yr high on bets of strong profit growth

ARVIND FASHIONS

17/10/2023 06:58

** Shares of Arvind Fashions  ARVF.NS  rise as much as 5% to 377.3 rupees,
highest level since Nov 2
    ** Brokerage Systematix Institutional Equities initiates stock with "buy"
rating; TP of 515 rupees
    ** Sustained product innovation, increased marketing spends helped ARVF
premiumise key brands - Systematix 
    ** Expect ARVF to retain leadership in cash generation and EBITDA/PAT
growth, despite co's focus on profitable revenue growth raising fears of growth
slowing in near term 
    ** Flags prolonged slowdown in demand, enhanced competition,
failure to scale up focus brands as key risks
    ** More than 493,000 shares change hands by 11:12 a.m. IST, 1.6x the 30-day
avg  
    ** Stock up 8.6% YTD 

 (Reporting by Anisha Ajith in Bengaluru)
 ((anisha.ajith@thomsonreuters.com;))