Outperform on Arvind with a target at Rs 380: Credit Suisse

Credit Suisse maintains outperform rating on Arvind post march quarter results and has also raised its 12-month target price to Rs 380 from Rs 350 earlier.

Overall growth was driven by addition of new stores and ramp-up of new launches. The improvement in power brand margins aided margin improvement. However, textile growth got impacted by weak growth in denims, said the CS report.

The management intends to spend about $10 mn on omni-channel foray in FY17. Strong growth of brands, improving profitability and ROCE makes the stock attractive, global investment bank said in a note.