Jan 22: The Rs 600 crore Liberty Shoes Ltd (BSE: 526596) is regaining on the bourses after the announcement of opening of 50 stores in the next one year and the positive trend created by the special package of Rs 2600 cr for employment generation in leather and footwear sector announced by the India Government last month.
Liberty Shoes, the second largest footwear manufacturer after Bata, is planning to raise its annual turnover to Rs 1,000 cr by 2020.It is also planning to introduce some new footwear products. The company is also launching new accessories that will make the overall contribution of this segment to 10% of total business.
In September quarter, the net profit had fallen 33.45% to Rs 1.14 cr while sales rose 16.72% to Rs 125.85 cr.
On technical charts, RSI of 46 indicates bearishness while MACD has witnessed a bearish crossover and ADX of 27 indicates range bound trading.
On Monday, the scrip was trading up 1.57% at 253 in morning trade having hit a high of 256.65.