Arvind Limited hits over decade high on heavy volumes

Since October 10, the has rallied 49% on upward revision in FY14 revenue guidance.

Arvind Limited has soared 8% to Rs 150, its highest level since 1997 on the BSE, on back of heavy volumes.  A combined 21.50 million shares representing 8% of total equity capital of the company have changed hands on the counter on the BSE and NSE till 1440 hours.

Shares of textiles maker has rallied 49% from Rs 101 on October 10, after the company has revised its internal revenue growth estimates to about 24% from earlier estimate of 20% for the current financial year.

Meanwhile, the company had reported a strong 63% year-on-year (yoy) growth in consolidated net profit at Rs 158 crore for the first half ended September 2013. Operating profit margins improved by nearly 200bps yoy at 13.35%.

“Buoyed by the all round volume growth as well as price gains across all business segments, the company has achieved very strong financial numbers,” said Jayesh Shah, director and chief financial officer.