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Buy Arvind, says Baliga
Ambareesh Baliga of Karvy Stock Broking is of the view that one can buy Arvind. It is basically into denims and the denim prices have been moving up especially in the last five-six months. At the same time the raw material prices, basically naphtha is one of the major raw materials for Arvind, have come down.
Baliga told CNBC-TV18, "Arvind is basically into denims and the denim prices have been moving up especially in the last five-six months. At the same time the raw material prices, basically naphtha is one of the major raw materials for Arvind, have come down. So clearly there would be a margin expansion going ahead. So from that point of view we feel that the worst is over for the stock. I don't think we will again see those levels of Rs 13-14. So even at these levels I think it is a decent buy. One should see levels of closer to around Rs 30-35 possibly in the next nine-twelve months."
Disclosure: It is safe to assume that analyst and his clients may have an investment interest in the above stock or sector.
