Time to take profits in Aditya Birla Nuvo, says stock market analyst Mitesh Thacker
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Aditya Birla Nuvo Stock News, Analyst Calls And Reviews
Aditya Birla Nuvo stated that the company’s board of directors will consider fund lifting plans when it convenes on March 26.
There are also reports that the company has entered into advanced discussions with some private equity players with the aim to sell its biz section Madura Fashion and Lifestyle, earlier named as Madura Garments.
Sources stated that that the agreement could be rated at about $500 million, and that it could be finished shortly.
This news had turned up previously as well, but the transaction did not go through because of valuation divergence.
But, the sources stated that agreement might have been reached and the contract could run through.
Madura Garments possesses leading attire brands comprising Louis Philippe, Peter England, and Van Heusen.
Kumar Mangalam Birla had brought Madura Garments from Coats PLC at about Rs 240 crore in the year 1999.
Aditya Birla Nuvo is a diversified company having interests in textiles, financial services, telecommunications and chemicals.
The stock looks good for medium or long term investment.
The investors can buy the stock on declines.
Time to take profits in Aditya Birla Nuvo, says stock market analyst Mitesh Thacker
