Moreover, the stock has outperformed the market for the past month, showing a surge of 37.18%, while the Sensex increased by a mere 2.70%. Over the past quarter and year, the scrip has showed an impressive outperformance, with a rise of 53.62% and 73.90% respectively, compared to a fall of 2.14% and an increase of 5.47% in the Sensex.

Mirza International is a leading leather footwear manufacturer, marketer and exporter. Its consolidated net profit rose 31.1% to Rs 57.58 crore on 0.9% increase in revenue from operations to Rs 594.88 crore in Q3 December 2022 over Q3 December 2021.

Last month, Mirza International carried out a merger of RTS Fashions, a promoter group-owned entity, into the company and also demerged its branded business into Redtape on going concern basis. The ex-date and record date for the same was 29 March 2023. The National Company Law Tribunal granted approval for this composite scheme of arrangement between RTS Fashions, Mirza International, and Redtape on 27 February 2023.

For every fully paid-up equity share of Rs 2 held in Mirza International, one fully paid-up equity share of Rs 2 in Redtape was allotted.