Over the past one year, the stock has gained over 35 percent compared with a 2.7 percent rise in the benchmark Nifty 50 index.
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Shares of Aditya Birla Fashion and Retail Ltd., a company with leading fashion brands and retail formats under its ambit, hit their highest level in a year on Tuesday. The company will be reporting its September quarter results on Friday, November 4.
Shares of Aditya Birla Fashion shares rose as much as 1.1 percent to hit a new 52-week high of Rs 358 apiece. Tuesday is the sixth straight day of gains for the stock, during which it has gained close to 8 percent.
Over the past year, the stock has gained over 35 percent compared to a 2.7 percent rise in the benchmark Nifty 50 index.
Investor optimism has been mainly fueled by the strong financial performance of the company in the last quarter. In the previous quarter, Aditya Birla Fashion reported its highest-ever quarterly sales.
The company had then said that it hoped to break this record again on the back of festive season sales.
Aditya Birla Fashion’s first quarter operational revenue had jumped over three-fold to Rs 2,875 crore compared to the same quarter last year.
As a result, Aditya Birla Fashion managed to record a net profit of Rs 94 crore during the June quarter as compared to a net loss of Rs 352 crore in the same quarter last year.
The company said the strong performance of portfolio brands, accelerated e-commerce, omnichannel strategy, and aggressive store expansion led to the company’s strong performance in the June quarter.
(Edited by : Rukmani Krishna)