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Alok Industries shares have fallen over 10 per cent in Tuesday's session after the company announced its Q2FY22 results on Monday. Alok Industries share price today opened with a downside gap of 2 per share and went on hit intraday low of 23.80 apiece levels. 

According to stock market experts, every dip in the counter should be seen as buying opportunity as the company's year-on-year revenue growth has almost doubled.

Stock market experts were of the opinion that Alok Industries has been able to almost double its revenue growth on y-o-y basis and it has now become a Reliance group company. Apart from this, the Government of India has announced PLI scheme for textile industry as well. They went on to add that one should buy Alok Industries shares at current dips as it may go up to 36 levels in next 3 to 6 months.

Speaking on the triggers that may fuel Alok Industries shares in short to medium term; Ravi Singhal, Vice Chairman at GCL securities said, "Alok Industries almost doubling its revenue growth on y-o-y basis is the major take away from its Q2FY22 results announced yesterday. Apart from this, Reliance Industries has become its parent company now and the GoI has announced PLI scheme for textile industries as well. So, one should look at buying at this dip rather getting panic from this crash in the textile counter."

Advising 'buy on dips' strategy in regard to Alok Industries shares; Sumeet Bagadia, Executive Director at Choice Broking said, "Alok Industries shares have strong support at 20 and one should think of accumulating this textile counter maintaining stop loss at 20 for the short-term target of 30."

Echoing with Sumeet Bagadia's views; Ravi Singhal of GCL Securities said that one can initiate momentum buy in Alok Industries shares at current dips and keep on accumulating till 21 per share levels for 3 to 6 months target of 36.

Alok Industries Ltd on Monday reported a consolidated net loss of 84.11 crore for the second quarter ended September. Revenue from operations climbed over two-fold to 1,904.57 crore as against 813.07 crore in the corresponding period of the last fiscal, Alok Industries said in a BSE filing. Total expenses of the textile company was at 1,994.36 crore, up 95.80 per cent from 1,018.54 crore earlier.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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