Talwalkars Better Value Fitness rose 2.77% to Rs 293.30 at 14:35 IST on BSE, with the stock extending Friday's gains triggered by reports of brokerage coverage with a buy rating.
Meanwhile, the S&P BSE Sensex was up 37.58 points or 0.11% at 32,870.52.
On the BSE, 59,000 shares were traded on the counter so far as against the average daily volumes of 19,517 shares in the past one quarter. The stock had hit a high of Rs 296.40 and a low of Rs 278.45 so far during the day. The stock had hit a 52-week high of Rs 333.15 on 19 July 2017 and a 52-week low of Rs 209 on 27 February 2017.
The stock had outperformed the market over the past one month till 1 December 2017, advancing 2.39% compared with the Sensex's 2.28% fall. The stock had, however, underperformed the market over the past one quarter, declining 1.5% as against the Sensex's 2.95% rise. The scrip had outperformed the market over the past one year, advancing 14.46% as against the Sensex's 23.62% rise.
The small-cap company has equity capital of Rs 31 crore. Face value per share is Rs 10.
Shares of Talwalkars Better Value Fitness have risen 9.21% in two trading sessions to its ruling market price, from its closing of Rs 268.55 on 30 November 2017, on reports a domestic brokerage has initiated buy rating with a target of Rs 728 over next 24 months. The stock had surged 6.27% to settle at Rs 285.40 on Friday, 1 December 2017.
The fitness industry offers a huge opportunity and Talwalkars Better Value Fitness is the market leader and twice as large as the next best peer, the broking firm reportedly said. According to firm, the demerger will bring superior return to the gym company, which is leading to a sharp re-rating. There is significant scope for further re-rating to the company given its dominant position and underpenetrated market, it added.
Talwalkars Better Value Fitness' consolidated net profit rose 29.5% to Rs 7.11 crore on 12.9% growth in net sales to Rs 56.73 crore in Q1 June 2017 over Q1 June 2016.
Talwalkars Better Value Fitness is a leading chain of health and fitness centers in India.
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