Metro Brand Limited shares gained above 7 percent today, on Monday, February 3, their biggest single-day gain in seven months. This comes after the Union Budget's announcement over the weekend, which includes incentives for the footwear industry and tweak in income tax slabs for middle class.
The shares are trading at Rs 1,325.00 which is 7.18 percent higher, as of 11:10 am on February 1.
Read about Stock Market updates LIVE
On Saturday, February 1, many footwear brands saw immediate increase in their share prices after the Union Budget announcement mentioning about a government-backed scheme for boosting the footwear and leather sectors in India. This scheme is expected to create significant employment opportunities and drive economic growth in the sector.
The move is expected to support a range of industries, including leather footwear, with a focus on improving productivity, quality, and competitiveness, thereby positioning India as a key global player in manufacturing.
On the other hand, earlier this month, Metro Brand had announced its quarterly results with a mixed financial performance. For the quarter ending December 2024, the company saw an 11.59 percent increase in net sales, rising to Rs 687.86 crore from Rs 616.39 crore in December 2023.
However, net profit fell by 15.36 percent, dropping to Rs 94.12 crore from Rs 111.20 crore in the previous year. While EBITDA improved by 9.22 percent, reaching Rs 246.50 crore, earnings per share (EPS) decreased to Rs 3.46 from Rs 4.09 in the same period last year. During the quarter, the footwear brand also expanded its retail footprint by launching a first of its Foot Locker store, as well as the first kiosk for New Era.
The shares had declined as much as over 2 percent after the results announcement.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
