Aditya Birla Fashion stock gains on Bewakoof bet; more heft to product portfolio, says analyst
Aditya Birla Fashion Share NSE: The acquisition of this garment and accessory company has been made for approximately 100 crores.
Aditya Birla Fashion Share NSE: Aditya Birla Fashion and Retail Ltd, NSE: ABFRL stocks traded in green on Friday, November 25. The stock opened at Rs 306.95 on NSE. The acquisition news for a majority stake in Bewakoof gave fresh impetus to the stock which gained 1.6 per cent on NSE. The acquisition of this garment and accessory company has been made for approximately 100 crores. At 11:53 AM, the stock quoted Rs 310.25, gaining 1.74 per cent.
Bewakoof's acquisition by Aditya Birla Fashion is good strategy, market expert Siddharth Sedani told Zee Buisness. Aditya Birla Fashion product portfolio has strengthened with Van Heusen, Peter England, Allen Solly, Pantaloons, he added.
The move is expected to benefit the Aditya Birla Fashion stock and it could be a good buy henceforth, Sedani said.
So far this year, Aditya Birla Fashion stock has gained 13 per cent. To put into perspective, Aditya Birla Fashion share price quoted at Rs 273.60 apiece on January 3 is now trading at current price levels of Rs 310. Aditya Birla Fashion has a market cap of Rs 29.30 thousand crore.
At the current levels, the stock has 52-week range from Rs 359.50 to Rs 221.30.
Meanwhile, frontline indices BSE Sensex and NSE Nifty50, traded at 62,125.64 and 18,454.30, respectively.
Indian shares opened Friday's trade flat dragged by information technology and bank stocks amid mixed global cues. The benchmark BSE Sensex was down by around 67 points while Nifty50 shed 18 points in the early trade. Axis Bank, IndusInd and L&T were among the top gainers and Powergrid, Bajaj Finance Infosys were the laggards.
On Thursday, Sensex and Nifty rallied over 1 per cent to close at lifetime highs of 62,272.68 and 18,484.10 on the closing basis respectively. Asian markets too started Friday's trade lower with Hong Kong’s Hang Seng index falling over 1 per cent, while Japan’s Nikkei 225 dropped 39.36 points, or 0.14 per cent. South Korea’s Kospi dipped 0.066 per cent.
Click Here For Latest Updates On Stock Market | Zee Business Live
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.