Liberty Shoes' stock price up by more than 10% today

21 Sep 2022 , 02:45 PM

Shares of Liberty Shoes rose 17% in Wednesday’s intraday session with large volume trading in an otherwise sluggish market, reaching an over four-year high of Rs 226.10 on the National Stock Exchange (NSE). The footwear company’s shares reached their highest price since August 2018.

At 12:38 PM, the stock was up 15% at Rs222.15, outperforming the Nifty 50’s 0.70 % fall. According to exchange statistics, today’s average trading volumes on the stock increased by more than thrice, with approximately 2.75 million equity shares or 16% of Liberty Shoes’ total equity–having been traded on the NSE as of the time this story was being written. The names of the purchasers and sellers were not immediately known.

According to statistics on ownership patterns, as of June 30, 2022, individual shareholders owned 5.29 million shares, or 31.02 %, of Liberty Shoes. The promoter group firm, Geofin Investments Private Limited, possessed 4.47 million shares, or 26.25 %, of the corporation, according to records.

When compared to the Nifty ’50s 1% loss over the past three months, the stock has beaten the market by rising 36%. Additionally, compared to the benchmark index’s 13% growth over the last six months, it has increased by about 70%.

The future potential of the footwear business is bright, especially for well-known and organized companies, given the government’s focus on the manufacturing sector. The footwear business has also been impacted by the ongoing changes in purchasing and lifestyle patterns.

High inflation, which might reduce industry demand, rising input prices and GST, which could reduce gross margins, and competition from developing overseas brands are the main negative concerns in the footwear business, according to the brokerage firm’s sector research.

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