Technical analyst Nishant Jain of Tradeswift Broking has maintained 'buy' rating on Arvind Limited stock with a target of Rs 59.

Mr. Jain said that the investors can buy the stock with a stop loss of Rs 53.

The shares of the company, on March 24, closed at Rs 55.25 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 74.50 and a low of Rs 30.35 on BSE.

Current EPS & P/E ratio stood at 3.70 and 15.15 respectively.

Megamart, the retail division of Arvind Ltd, has introduced its sixth Big Megamart in Trichy, Tamil Nadu.

The other five are situated in Pune, Chennai, Bangalore and Thane.

While speaking on the new launching, Mr. J Suresh, CEO, Arvind Brands and Retail, stated that Big Megamart is placed as a shopping spot for Trichy's residents, offering up mega brands and assured big savings.

Arvind revealed a 2.56 times increase in its standalone net profit for the three month period ended December 2010.

During the period under review, the company's profit stood at Rs 314.20 million as against Rs 122.50 million during the same quarter of 2009.

Company's net sales during the quarter grew by 16.56% to Rs 6,339.80 million.

The total income remained up by 18.57% to Rs 6,463.60 million.