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Arvind Fashions hits 5% upper circuit; stock lists at Rs 592

The stock locked in upper circuit of 5 per cent at Rs 621 on the BSE on Friday.

SI Reporter  |  Mumbai 

The company sees the next wave of growth coming from the portfolio that includes brands like Calvin Klein, GAP, Arrow

Shares of Fashions hit the upper circuit of 5 per cent at Rs 621 apiece on the on Friday. The stock of Lalbhai Group company opened at Rs 592 on first day of its listing and ended the day at Rs 621 levels.

Fashions is the demerged entity of the flagship denim maker and comprises international brands such as Tommy Hilfiger, and US Polo Association. It's branded apparel undertaking and engineering undertaking was transferred to and Anup Engineering (formerly Anveshan Heavy Engineering), respectively. Shares of Anup Engineering got listed on March 1.

As per the notice, shareholders of Arvind Fashions got one fully paid up equity share of Rs 4 each for every 5 shares held in Arvind and Anveshan Heavy Engineering’s shareholders got one fully paid up equity share of Rs 10 each for every 27 shares held in Arvind.

Arvind had said the demerger will allow each business to have a sharper focus on developing their own aggressive growth models, on making their own capital allocation decisions and on incentivising their teams. This sharper focus will enable businesses to create long-term shareholder value.

First Published: Fri, March 08 2019. 10:30 IST