Lovable Lingerie hits new low on heavy volumes
The stock has underperformed the market falling 31% in past two weeks compared to 2% drop in benchmark Sensex after announcement of Q3 earnings.
Lovable Lingerie has plunged 11% to Rs 241 in noon deals on back of heavy volumes on BSE.
The stock had opened at Rs 269 and hit a low of Rs 220, its lowest value since listing on March 2011. A combined volume of 565,767 shares have already changed hands on the counter so far against an average 215,000 shares that were traded daily in the past two weeks.
Lovable Lingerie, one of India's leading women's innerwear manufacturers, has underperformed the market by falling 31% in past two weeks compared to 2% drop in benchmark Sensex post the announcement of third quarter earnings.
The company had reported a net profit of Rs 4.02 crore and net sales of Rs 37.82 crore in the third quarter ended December 2012, the lowest in past three quarters.
However, analyst at Anand Rathi Research expects the company will be able to report healthy volume growth in FY14, due to expansion of distribution network as well as softer base of FY13.
The stock had opened at Rs 269 and hit a low of Rs 220, its lowest value since listing on March 2011. A combined volume of 565,767 shares have already changed hands on the counter so far against an average 215,000 shares that were traded daily in the past two weeks.
Lovable Lingerie, one of India's leading women's innerwear manufacturers, has underperformed the market by falling 31% in past two weeks compared to 2% drop in benchmark Sensex post the announcement of third quarter earnings.
The company had reported a net profit of Rs 4.02 crore and net sales of Rs 37.82 crore in the third quarter ended December 2012, the lowest in past three quarters.
However, analyst at Anand Rathi Research expects the company will be able to report healthy volume growth in FY14, due to expansion of distribution network as well as softer base of FY13.