We had recommended Arvind Ltd. in Volume No 34, Issue No 27 (dated Apr 23, 2018), when the scrip was trading at Rs 430. Our recommendation was backed by factors like robust revenue growth and de-merger of its brand and retail business. We had reviewed the stock in Issue No 46 (dated Sept. 3, 2018) when it was trading at Rs 402. We had recommended holding the stock as the company had delivered decent numbers in Q1FY19. However, the market corrected majorly last month, which saw decline in prices of almost all small-cap and mid-cap companies. The company expects spur in demand during H2FY19 led by festive season in October and November. It has estimated 20-24 per cent YoY growth in brand and retail business. As our target date was reached, we had EXITED the stock on Oct 16 but investors having medium term perspective should continue holding it.