Citi has maintained buy on TCNS Clothing with target of Rs 780, it see a potential upside of 27 percent.
Share price of TCNS Clothing gained 9 percent intraday Monday as company reported strong numbers for the quarter ended September 2018.
The company's Q2 net profit increased by 64 percent at Rs 41.22 crore against Rs 25.11 crore in a year ago period. Revenue was up at Rs 320.5 crore against Rs 266.4 crore.
Citi has maintained buy on TCNS Clothing with target of Rs 780, it see a potential upside of 27 percent.
According to Citi, strong margins offset weak SSSG. Management says demand is improving and Q3 revenues should see a strong uptick.
Expect margin expansion with SSSG improving into festive season.
The share touched its 52-week high Rs 724.50 and 52-week low Rs 515 on 30 July, 2018 and 08 October, 2018, respectively.
Currently, it is trading 12.8 percent below its 52-week high and 22.68 percent above its 52-week low.
At 14:00 hrs TCNS Clothing Co was quoting at Rs 631.80, up Rs 19.45, or 3.18 percent.
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