Technical analyst Ashish Chaturmotha of Anand Rathi Securities has maintained 'buy' rating on Arvind Limited stock with a target of Rs 61.

According to analyst, the investors can purchase the stock with a stop loss of Rs 54.

The stock of the company, on December 15, closed at Rs 56.30 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 68.60 and a low of Rs 30.35 on BSE.

Current EPS & P/E ratio stood at 3.19 and 18.11 respectively.

The company has declared that the Management group of directors allotted 5,70,000 Equity Shares of Rs 10/- each pursuant to exercise of stock options by qualified employees under the company's ESOS 2008.

On Dec 6, Arvind Ltd declared the entry of J Suresh into the board of directors of its divisions, Arvind Lifestyle Brands Ltd and Arvind Retail Ltd, as Managing Director.

Mr. Suresh was the chief executive officer of Arvind Lifestyle and Arvind Retail before his elevation to the post of MD.

For the three month period ended September 2010, the company's profit grew by 86.18% to Rs 282.80 million as compared to Rs 151.90 million during the corresponding quarter previous year.

Net sales during the quarter under review surged 9.50% to Rs 6,545.30 million, whereas total income increased 10.64% to Rs 6,681.30 million.