Under ki baat: Rupa, Dollar shares rebound to ‘oversold’ territory

Fundamentally, the fall in cotton prices – which is a key raw material for textile companies – augurs well for their financials

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Innerwear stocks Dollar Industries and Rupa & Company surged sharply on March 1 after many sessions of either decline or subdued gains.

Dollar Industries was quoting at Rs 346.75 apiece, higher by 9.8 percent from previous close, while Rupa surged over 11 percent to Rs 230 at 11:45am.

Rupa & Company’s trading volumes of over 15 million shares were 11 times its 20-day average volume. At two lakh shares, Dollar Industries’ volumes were twice its daily average volume over the last three months.

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“Both the stocks have become ‘oversold’ on the daily and weekly charts. This is a clear indication that the slowdown in economy has already been factored in,” AR Ramachandran, Co-founder of Tips2trades said.

The stocks had hit 52-week lows on weak Q3 results. Rupa & Company’s net profit crashed 91 percent to Rs 6 crore as revenues nearly halved to to Rs 236 crore. Dollar Industries’ net profit in the quarter dropped nearly 80 percent to Rs 9 crore and revenue from operations tumbled close to 25 percent.

The bottomline for both the companies have been declining steadily over the past few quarters.

Fundamentally, the fall in cotton prices, which is a key raw material for textile companies, augurs well for their financials. Cotton prices are now down 35-40 percent from the all-time high hit after the Ukraine-Russia war.

Also Read: Fortunes of cotton textile industry go into a tailspin

While this can support margins, the demand scenario continues to remain subdued. “Consumer sentiment will remain weak in the foreseeable future over the short term. Because of the ongoing global slowdown and rising inflation in the domestic market, we are having an adverse effect on consumer confidence, leading to lower spending,” Vikash Agarwal, whole time director at Rupa & Company, said during the Q3 concall.

Dollar Industries’ Vinod Gupta cautioned that the “entire hosiery sector is going through the most challenging environment”.

Technical levels

For Dollar Industries, analysts believe short-term upside up to Rs 360-362 is on the cards. “Beyond 365, the next upside target will be 378-380. Today’s low of 316 will be an important support for medium term,” Anuj Dixit, Executive VP- Equity Research, Sovereign Global, said.

Rupa & Company has strong support at Rs 206. “Investors can buy for targets of 252 and 317 from a medium to long term perspective,” believes Tips2trades’ Ramachandran.

Beyond Rs 238, the scrip will face major resistance around 248-252 zone, added Dixit.?

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