Stock market analysts have suggested traders to purchase S Kumar Nationwide stock today.
According to them, the stock can be purchased around Rs 128 with a stop loss of Rs 126 to achieve an intraday target of Rs 132.
The stock could easily retest its next intraday target of about Rs 138, if the stock market remains positive.
On Wednesday (30 Jan), S Kumar stock closed at Rs 134.40 on BSE. The stock has seen a 52-week high of Rs 177.9 and a low of Rs 59.15 on BSE.
S Kumars Nationwide has disclosed a phenomenal jump in net profit for the quarter ended December 2007. During the quarter, the company experienced a 72.24% rise in profit to Rs 572 million from Rs 332.10 million in the quarter ended December 2006. Net sales for the quarter rose 44.16% to Rs 4,530.70 million compared with Rs 3,142.90 million in the corresponding quarter, a year ago. Total income rose 44.40% to Rs 4,546.46 million for the quarter ended December 2007 from Rs 3,148.60 million for the same period, last year.
During the third quarter, the company received approval from the members of the company for the demerger between the company and Brandhouse Retail (BHRL).
The shareholders of the company have approved a resolution through postal ballot for the Spin off of the company`s `Reid & Taylor Division` comprising of the Fabrics and Ready-to wear garments business carried out under the brand `Reid & Taylor`.
Other stocks from textiles sector that looks good for short-term trading includes Himatsingka Seide, Eastern Silk and JJ Exporters.