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Shares of Arvind climbed as much as 5.6 per cent on Thursday on value buying, after falling 9 per cent in the previous session as the company has demerged its branded apparel and engineering businesses into separate companies and plans to list them on stock exchanges through a National Company Law Tribunal-driven process.
The branded apparel business will be demerged into Arvind Fashions and the engineering business will be spun off into Anveshan and then renamed Anup Engineering.
Following a positive open at Rs 419.50 against the previous close of Rs 413.50, the stock touched an intraday high of Rs 438 and a low of Rs 419.50 on the BSE. In terms of equity volume, 4.75 lakh shares exchanged hands on the BSE.
The company shares ended the session higher by 5.27 per cent at Rs 435.30.
Meanwhile, the company had on Wednesday reported 14 per cent fall in September quarter net profit at ₹62 crore (₹71 crore) largely due to lower demand post implementation of GST. Revenues during the quarter under review were up 13 per cent at ₹2,628 crore.
Jayesh Shah, Chief Financial Officer, had said the September quarter turned out to be another challenging quarter with GST implementation impacting domestic textile business.
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