Why Aurelia Parent TCNS Clothing's Share Price Is Surging Today
Take Stock Of The Week Ahead

Get all the latest Share Market trends and news to set you up for the week ahead.

Congratulations!
You have successfully subscribed.

Shares of TCNS Clothing – which owns popular womenswear brands W and Aurelia – surged around 9% as the markets opened on Wednesday.

What Happened: Shares of the company seem to have been on the up on news that Aditya Birla Fashion Retail (ABFR) looks to acquire a majority stake in the retailer. Motilal Oswal Investment Services in their recent research also mentioned the speculations that ABFR looks to acquire a 51% stake in the clothing brand from promoters and PE investors.

See Also: Nykaa Shares Crash As This Broker Gives ‘Underweight’ Rating

Speculations about a possible acquisition have been rife since last December when media reports suggested that several entities including Nykaa and Reliance Retail were vying for a stake in the company. The company has had a volatile last month at the bourses, as its Q3 earnings missed estimates. However, the stock has seen some recovery as it has jumped around 7% in the past five sessions.

Brokerages also have a mixed view of the stock. ICICI Securities has an ‘add’ rating on the stock with a price target of ₹510, however, HDFC Securities has a ‘reduce’ rating on the stock with a target price of ₹440. In their note, HDFC Securities said that the brand remains the worst-performing company within the apparel pack.

Price Action: TCNS Clothing shares were up 8.29% to trade at ₹494.30 in the early hours of trading on Wednesday.

Read Next: Fabindia Pulls The Plug On Its Planned ₹4,000 Crore IPO: Here’s Why

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Comments
Loading...
Aditya Birla FashionAureliaHDFC SecuritiesICICI SecuritiesMotilal Oswal Financial ServicesNykaaReliance RetailTCNS Clothing