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Relaxo Footwears share price rises over 15%, hits all-time high on strong September quarter earnings

Relaxo Footwears share price opened with a gain of 14.23% at Rs 620.50 on BSE. The mid cap stock has risen 82% since February 21 this year when it hit a 52-week low of Rs 343.50 on BSE


twitter-logoBusinessToday.In | November 4, 2019 | Updated 12:57 IST
Relaxo Footwears share rises up to 15%, hits all-time high on strong September quarter earnings
Relaxo Footwears share price rose up to 15.06% to an all-time high of Rs 625 compared to the previous close of Rs 543.20

Relaxo Footwears share price hit its all-time high after the firm reported strong earnings for the quarter ended September 2019. Relaxo Footwears share price rose up to 15.06% to an all-time high of Rs 625 compared to the previous close of Rs 543.20. The stock opened with a gain of 14.23% at Rs 620.50 on BSE. The mid cap stock has risen 82% since February 21 this year when it hit a 52-week low of Rs 343.50 on BSE.

Also read: Sensex hits fresh all-time high, Nifty nears 12,000; YES Bank, Vedanta, Tata Steel top gainers

Relaxo Footwears share price is trading higher than its 5-day, 20-day, 50-day, 100-day and 200-day moving averages. The stock has gained 43.85% in last one year and gained 54.71% since the beginning of this year. In last one month, the stock has risen over 15%.

The footwear firm reported a 78.76% rise in Q2 net profit to Rs 70.54 crore compared to Rs 39.46 crore in the corresponding quarter of previous fiscal.

Earnings per share rose 74% to Rs 2.84 in Q2 compared to Rs 1.63 EPS in corresponding quarter of previous fiscal. Relaxo reported net sales of Rs 621.77 crore during the quarter ended September 30, 2019 as compared to Rs 545.19 crore during the quarter ended September 30, 2018.

For the half year ended September 2019, the firm reported sales of Rs 1,270.07 crore compared to  Rs 942.81 crore in sales for the period ended September 30, 2018.

Net profit for half year ended September 2019 stood at Rs 120.29 crore compared to net profit of Rs 69.43 crore for six months ended September 30, 2018.

Also read : YES Bank share opens 10% lower on Q2 loss, attempts recovery amid $3 bn infusion reports

By Aseem Thapliyal

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