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Buy TCNS Clothing; target of Rs 970: ICICI Direct

ICICI Direct is bullish on TCNS Clothing has recommended buy rating on the stock with a target price of Rs 970 in its research report dated February 14, 2021.

February 15, 2022 / 05:59 PM IST
 
 
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ICICI Direct's research report on TCNS Clothing


Given its multi-distribution channel approach and robust supply chain infrastructure, TCNS has emerged as the market leader in women’s ethnic space through its three popular home grown brands. TCNS follows an asset light business model, with production outsourced on a job work basis. This enables the company to generate high RoIC Healthy balance sheet with cash reserves worth Rs 180 crore


Outlook


We maintain BUY recommendation on the stock We value TCNS at Rs 970 i.e. 3.5x FY24E EV/sales.


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At 13:01 hrs TCNS Clothing Co was quoting at Rs 670.00, down Rs 0.40, or 0.06 percent.


It has touched an intraday high of Rs 754.00 and an intraday low of Rs 651.30.


It was trading with volumes of 3,052 shares, compared to its thirty day average of 3,026 shares, an increase of 0.84 percent.


In the previous trading session, the share closed up 0.22 percent or Rs 1.45 at Rs 670.40.


The share touched its 52-week high Rs 932.55 and 52-week low Rs 398.00 on 17 November, 2021 and 17 February, 2021, respectively.


Currently, it is trading 28.15 percent below its 52-week high and 68.34 percent above its 52-week low.


Market capitalisation stands at Rs 4,125.63 crore.


For all recommendations report, click here


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first published: Feb 15, 2022 05:59 pm
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