Ashapura Intimates scales fresh peak after introducing new brand

Ashapura Intimates Fashion rose 3% to Rs 493.10 at 10:30 IST on BSE after the company announced the introduction of new brand for men, boys and toddlers.

The announcement was made before market hours today, 22 September 2017.

Meanwhile, the S&P BSE Sensex was down 260.52 points or 0.8% at 32,109.52. The S&P BSE Small-Cap index was down 216.99 points or 1.29% at 16,567.83.

On the BSE, 19,619 shares were traded in the counter so far as against average daily volume of 69,721 shares in the past one quarter. The stock had hit a high of Rs 499 in intraday trade, which is also a record high for the counter. The stock had hit a low of Rs 461.45 so far during the day. The stock had hit a 52-week low of Rs 336 on 29 September 2016.

The stock has jumped 25.72% in seven sessions to its ruling price, from a close of Rs 392.20 on 13 September 2017.

The stock had outperformed the market over the past one month till 21 September 2017, gaining 21.82% compared with the 3.55% gains in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 21.1% as against Sensex's 3.47% gains. The stock had also outperformed the market over the past one year, rising 33.52% compared with the 13.55% gains in the Sensex.

The small-cap company has equity capital of Rs 19.87 crore. Face value per share is Rs 10.

Ashapura Intimates Fashion said that it will soon launch the new brand 'TRICCI' for men, boys and toddlers. Through this brand, the company has taken a bold step to enter into the $25 billion plus menswear market in India with a new focused brand.

Talking about "TRICCI", Harshad Thakkar, Chairman commented that over the past decade, the company has emerged as the pioneer of loungewear & sleep wear in India through its brand Valentine, which is primarily focused on the women category. TRICCI was ideated to bring a dedicated brand for menswear and boys wear in India. The brand will ensure superior quality and fashionable styles to meet the evolving tastes of today's men and boys.

The same distribution network along with new additional distributors focused on men's category would be used to offer this new segment of apparels, which the company is confident will improve its overall revenues and margins over a long term period. The company is extremely excited about this new launch in the journey of the company, he added.

Ashapura Intimates Fashion's net profit rose 28.3% to Rs 3.99 crore on 22.9% rise in net sales to Rs 64.03 crore in Q1 June 2017 over Q1 June 2016.

Ashapura Intimates Fashion is in the business of designing, trading, job contract manufacturing, branding, marketing and selling of intimate garments such as loungewear, bridal night wear/honeymoon sets, bathrobes and nighties.

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