India's Arvind Fashions rises as Anand Rathi hikes PT

ARVIND FASHIONS

29/08/2024 09:12

** Shares of Arvind Fashions  ARVF.NS  climb as much as 2.7%
to 548 rupees, last up 1.2% 
    ** Brokerage Anand Rathi keeps "Buy" rating, ups TP to 689
rupees from 632 rupees earlier; at 29% premium on last close 
    ** TP at Street high among five brokerages covering the
stock, per LSEG data 
    ** Anand Rathi analysts say co's focus on premiumisation
across brands is key for growth prospects 
    ** Says co's 21.6% y/y sales growth in FY24 was led by
premiumisation, citing ARVF's FY24 annual report  
    ** Sees higher retail channel mix, reduced gross working
capital as key upsides 
    ** Analysts avg rating on stock is "Buy", median PT is 585
rupees 
    ** Over 1.9 mln shares traded, 2.5x the 30-day avg 
    ** Including session's gains, stock up ~22% YTD 
    

 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))