The market today improved for the Indian fashion and textile company as shares of Arvind Fashions, which debuted today on exchanges, soared 5 percent at Rs. 620.50 on NSE (National Stock Exchange) today.
Notably, on the first day of NSE listing, shares of Arvind Fashions opened at Rs. 592.
The shares of parent company Arvind Ltd. were however down 5 percent at Rs. 84.65.
The company was listed on the exchange in the list of ‘T’ group securities, representing scrips that are settled on a trade-to-trade basis.
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It is pertinent to mention here that Arvind Fashions retails international fashion brands such as Calvin Klein, Tommy Hilfiger and GAP.
It was demerged from Arvind Ltd. in November 2017 as the parent said it will separate fashion and engineering businesses.
Markedly, Arvind Fashions grew at a CAGR of 22 percent from FY 2014 to FY 2018, reaching Rs. 3,794 crore in FY 2018 from Rs.1,737 crore four years back.
Further, Arvind Fashions eyes Rs. 8,000 crore in revenue in the next five years.