Go Fashion hits record high; jumps about 5% in four days

Go Fashion (India) rose 1.27% to Rs 1314.35, extending recent gains.

Shares of Go Fashion (India) have risen 4.75% in four consecutive sessions. The stock hit a record high of Rs 1373.90 in early trade.

The stock had outperformed the market over the past one month, rising 17.11% compared with 2.16% decline in the Sensex.

The scrip outperformed the market in past one quarter, gaining 32.06% as against Sensex's 6.97% rise.

Go Fashion (India) was listed on the stock exchanges on 30 November 2021. The scrip was listed at Rs 1316, representing a premium of 90.72% to the issue price of Rs 690.

On the technical front, the stock's daily RSI (relative strength index) stood at 63.97. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily chart, the stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 1151.11, 1077.34 and 1040.60, respectively. These levels will act as crucial support in the near term.

Go Fashion (India) is engaged in the development, design, sourcing, marketing and retailing a range of women's bottom-wear products under the brand, 'Go Colors'. Total exclusive business outlets (EBOs) as on 30 June 2022 stood at 533 stores.

Go Fashion (India) reported net profit of Rs 24.44 crore in Q1 June 2022, higher than net loss of Rs 19 crore in Q1 June 2021. Net sales rose 432.90% to Rs 165.20 crore in Q1 June 2022 over Q1 June 2021.

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