Acknit Industries Adjusts Technical Trends Amidst Rising Promoter Confidence and Debt Challenges
Acknit Industries, a microcap player in the Garments & Apparels industry, has recently undergone an evaluation adjustment that reflects changes in its underlying technical trends. The stock's technical indicators have shifted, with the trend moving from a mildly bearish stance to a sideways position. In terms of key metrics, the stock's current price stands at 279.65, showing a notable increase from the previous close of 263.60. Over the past year, Acknit Industries has experienced a return of -13.95%, contrasting with the BSE 500's positive return of 2.00%. However, the company has demonstrated a 10.75% CAGR growth in operating profits over the last five years, despite facing challenges in servicing its debt, as indicated by a Debt to EBITDA ratio of 2.69 times.
Additionally, the stock is trading at a discount compared to its peers' average historical valuations, with a return on capital employed (ROCE) of 11.8. Notably, promoter confidence appears to be rising, as they have increased their stake by 3.79% in the last quarter, now holding 54.13% of the company.
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