Rupa recovers on bargain hunting

Rupa & Company rose 6.98% to Rs 302.80 at 11:46 IST on BSE, with the stock recovering on bargain hunting after recent slide.

Meanwhile, the S&P BSE Sensex was down 213.80 points or 0.73% at 29,271.65. The BSE Small-cap index was down 65.10 points or 0.46% at 13,962.83.

On the BSE, 98,000 shares were traded on the counter so far as against the average daily volumes of 63,875 shares in the past one quarter. The stock had hit a high of Rs 304.90 and a low of Rs 281 so far during the day.

The stock had hit a 52-week high of Rs 351.90 on 17 March 2017 and a 52-week low of Rs 244 on 10 January 2017. The stock had outperformed the market over the past one month till 21 March 2017, advancing 5.18% compared with the Sensex's 2.52% rise. The scrip had also outperformed the market over the past one quarter, gaining 13.27% as against the Sensex's 12.36% rise.

The small-cap company has equity capital of Rs 7.95 crore. Face value per share is Rs 1.

Shares of Rupa & Company had declined 16.9% in the preceding two trading sessions to settle at Rs 283.05 yesterday, 21 March 2017, from its close of Rs 340.55 on 17 March 2017.

Rupa & Company had last week announced that Oban Fashions, one of the company's subsidiaries, concluded a deal with the US-based Fruit of the Loom Inc, a unit of Warren Buffet's Berkshire Hathaway Co., to manufacture and sell products in India under the US company's brands. Fruit of the Loom sells a wide range of underwear and casual wear in the US and Europe.

Rupa & Company's net profit rose 20.7% to Rs 17 crore on 7.5% decline in net sales to Rs 208.57 crore in Q3 December 2016 over Q3 December 2015.

Rupa & Company is a leading undergarments manufacturer and a leading hosiery and knitwear company in India.

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