TCNS Clothing Shares Gain After Aditya Birla Fashion Gets Acquisition Nod From CCI
TCNS Clothing Co. is a women's apparel company which owns brands like W and Aurelia.
Shares of TCNS Clothing Co. gained on Wednesday after Aditya Birla Fashion and Retail Ltd. got approval from the Competition Commission of India for acquiring 51% stake in the owner of W and Aurelia.
Aditya Birla Fashion, whose shares also rose on this news, is engaged in retailing of branded products, including apparel, footwear and accessories, while TCNS Clothing Co. is a women's apparel company.
Shares of TCNS Clothing Co. advanced 2.22% intraday, before paring gains to trade 0.90% high as of 10:02 a.m. This compares to a 0.38% advance in the NSE Nifty 50.
The stock rose the most in over seven weeks, since May 5. The relative strength index was at 50.
Out of the nine analysts tracking the company, two maintain a 'buy' rating, four recommend a 'hold' and three suggest a 'sell' on the stock, according to Bloomberg data. The average 12-month consensus price target implies a potential upside of 5.7%
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Shares of Aditya Birla Fashion and Retail rose 1.11% to Rs 213.25 apiece, compared to a 0.38% gain in the Nifty as of 10:02 a.m. The stock advanced 1.85% intraday and has risen over 4.5% in the last three sessions.
The relative strength index was at 57.
Out of the 25 analysts tracking the company, 14 maintain a 'buy' rating, six recommend a 'hold' and five suggest a 'sell' on the stock, according to Bloomberg data. The average 12-month consensus price target implies a potential upside of 7.5%.