Talwalkars Better Value Fitness surged 6.87% to Rs 287 at 15:13 IST on BSE on reports a domestic brokerage has initiated buy rating with a target of Rs 728 over next 24 months.
Meanwhile, the S&P BSE Sensex was down 297.41 points or 0.9% at 32,851.94.
On the BSE, 1.46 lakh shares were traded on the counter so far as against the average daily volumes of 23,000 shares in the past two weeks. The stock had hit a high of Rs 301.45 and a low of Rs 284.05 so far during the day. The stock had hit a 52-week high of Rs 333.15 on 19 July 2017 and a 52-week low of Rs 209 on 27 February 2017.
The fitness industry offers a huge opportunity and Talwalkars Better Value Fitness is the market leader and twice as large as the next best peer, the broking firm reportedly said. According to firm, the demerger will bring superior return to the gym company, which is leading to a sharp re-rating. There is significant scope for further re-rating to the company given its dominant position and underpenetrated market, it added.
Talwalkars Better Value Fitness' consolidated net profit rose 29.5% to Rs 7.11 crore on 11.52% growth in total revenue to Rs 57.27 crore in Q1 June 2017 over Q1 June 2016.
Talwalkars Better Value Fitness is a leading chain of health and fitness centers in India.
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