We had Initiated Research Coverage on Relaxo footwear on 4th June, 2015 with a HOLD Rating and a Price Target of Rs. 924. Post the Ex-date of Bonus issue of 1:1 (One share for every one share held), the target stands adjusted accordingly to Rs. 462 per share (from the earlier target of Rs. 924). Rating is under review for the stock awaiting first quarter results.