Raj,
I have one more question - this stock went upto all time high of 674 on 31st july and after that it witnessed a free fall to 58.
any idea why it has happened ?
I have one more question - this stock went upto all time high of 674 on 31st july and after that it witnessed a free fall to 58.
any idea why it has happened ?
I was not following this stock from that point of time, so cannot comment much on the price movement.
However all the textile stocks went out of favor of investors last year, as the US economic situation deteriorated. Since, most of these players earn significant export earnings from US, & as the scenario is now improving in US with their huge fiscal stimuli, all the export oriented stocks are again coming back in favor.
There has been a rally in large cap textile stocks like Arvind, Bombay Deying etc. This madcap should be the next to come in favor given the glaring PE disparity.
Cheers,
Raj