Arvind Fashions rose 2.31% to Rs 161.50 on bargain hunting after a recent slide.
The stock declined 8.41% in the past five sessions to end at Rs 157.85 yesterday (15 March 2021), from its recent closing high of Rs 172.35 on 5 March 2021.
In the past one year, the stock has declined by 33.65% while the benchmark Sensex has added 61.50% during the same period.
On the technical front, the stock's RSI (relative strength index) stood at 52.072. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading above its 50-day, 100-day and 200-day daily simple moving average (SMA) placed at 155.77, 145.90 and 143.92, respectively.
Arvind Fashions is a leading player in apparel brands and retail space with 21 international and Indian brands. It also has a 50:50 joint venture with Tommy Hilfiger in India.
The company had posted a consolidated loss of Rs 68 crore in Q3 FY21 as against a net loss of Rs 50.86 crore in Q3 FY20. Net sales during the quarter declined by 14.28% YoY to Rs 901.42 crore.
Last month, the board of Arvind Fashions approved the issue of 1,48,02,856 equity shares of face value of Rs 4 each at an issue price of Rs 135 per equity share (including premium of Rs. 131 per equity share) for an amount aggregating up to Rs 199.84 crores to all the existing equity shareholders of the company on a rights basis.
The record date for determining names of the shareholders of the company eligible to apply for the equity shares in the rights issue was 24 February 2021.
The rights issue opened one 4 March 2021 and it will close on 18 March 2021. The rights entitlement ratio is three rights equity shares of Rs 4 each for every 20 equity shares of Rs 4 each held by the equity shareholders will be issued, with the right to renounce.
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