Moneycontrol
Last Updated : Dec 05, 2018 11:35 AM IST | Source: Moneycontrol.com

Arvind climbs 6% as UBS sees 29% upside

UBS said the demerger offers opportunity to ride on garmenting capacity ramp-up and the success of textile business lies in project execution and efficient capital allocation.

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Q9. Established in Madras in 1876, the B and C Mills had the reputation of producing quality textiles with a ready market throughout the country. It was one of the main suppliers of cloth to the defence services. It was Asia's largest composite textile mill. Identify the company which has now become defunct. (Image: Reuters)
Q9. Established in Madras in 1876, the B and C Mills had the reputation of producing quality textiles with a ready market throughout the country. It was one of the main suppliers of cloth to the defence services. It was Asia's largest composite textile mill. Identify the company which has now become defunct. (Image: Reuters)
 
 
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Arvind shares rallied 6 percent in morning on Wednesday after global investment firm UBS maintained its buy call on the stock.

The research house expects the stock to give return of 29 percent to Rs 130 in a period of one year.

UBS said the demerger offers opportunity to ride on garmenting capacity ramp-up and the success of textile business lies in project execution and efficient capital allocation.

Advanced materials and water business can drive a rerating, according to him.

In November 2017, Arvind had announced the demerger of branded apparel and engineering businesses into separate entities to focus on textile business. After the demerger, Arvind runs textiles business (denim, fabric and garments), advanced material (AMD) and other businesses.

Arvind Fashions will be holding company for all companies under brand & retail; and the engineering segment will be handled by Anup Engineering, which both will be listed in January 2019.

At 11:20 hours IST, the stock was quoting at Rs 105.40, up Rs 4.70, or 4.67 percent on the BSE.
First Published on Dec 5, 2018 11:35 am
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