TCNS Clothing snapped its two-day losing streak on Wednesday as it surged over 8% to reach Wednesday’s intraday high of ₹499.15.
What Happened: Shares of the company have had an interesting run at the bourses since it released its Q3 results on Feb.14. The company’s stock slumped over 7% to hit a new 52-week low of ₹431.60 after its Q3 numbers missed market estimates. However, the stock bounced back on Feb.17 when it surged a massive 13% to close at ₹500.15 on the BSE.
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However, brokerage firm HDFC Securities advised caution as it maintained a ‘reduce’ rating for the stock as it noted that the fashion retailer remains the worst-performing company within the apparel pack.
Analysts at ICICI Securities, on the other hand, maintained their ‘add’ rating for the stock as they see high scaling-up potential in the company’s famous brands W, Aurelia, and Elleven.
Price Action: Shares of TCNS Clothing were up 5.42% in the afternoon hours of trading on Wednesday.
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