Himatsingka - Turnaround stock Buy

 Net Sales at Rs 548.19 crore in December 2022 down 24.16% from Rs. 722.87 crore in December 2021.

Quarterly Net Profit at Rs. 1.35 crore in December 2022 down 95.66% from Rs. 31.12 crore in December 2021.

EBITDA stands at Rs. 92.74 crore in December 2022 down 19.96% from Rs. 115.87 crore in December 2021.

Equity Returns

1 week up 8.52%

1 month up 12.32%

6 months down 23.73%

1 year down 47.17%

Textile stocks are underperforming. Stock appeared to have bottomed out around 70 levels. Wait for correction and buy on dips for long term investment.

Textile Stocks - Buy on dips

Textiles stocks are back in demand and buying is seen across Vardhman, Himatsingka, ABFRL, ICIL and Welspun. Buy on declines will give decent returns.

We do not expect price spikes in few weeks, but long term can start buying on all dips and accumulate.