Footwear stock turns positive for 2025 after 30% rally in two sessions

Shares of Mirza International Ltd., the footwear stock is trading with gains of another 13% on Wednesday, September 17, extending Tuesday's 15% advance.

This two-day move has led to the stock turning positive on a year-to-date basis after the recent underperformance.

The stock has gained over the last two trading sessions on very strong volumes. Over 30 lakh shares of the company have already changed hands on Wednesday, well above the 20-day average of around 70,000 shares.

Wednesday's volumes on Mirza International have already crossed that of Tuesday, when over 24 lakh shares had changed hands. Out of the 24 lakh shares, close to 9 lakh shares were marked for delivery.

Interestingly, the move comes a couple of days after Mirza's demerged entity Redtape had confirmed some searches by the Income Tax department. Redtape's shares are also trading with gains on Wednesday.

"The company has fully co-operated with the income tax officials during the proceedings and has responded to the clarification and details sought by them," Redtape said in its exchange filing, adding that business of the company continues as usual.

With this move, shares of Mirza International have also crossed their 50 and 200-Day Moving Average on the charts.

Footwear stocks are likely be the beneficiaries of the lower GST rates. GST on footwear up to ₹2,500 will now be 5% from 12% earlier.

Shares of Mirza International are trading 12.5% higher on Wednesday at ₹42.61. The stock is closing in on its 52-week high of ₹48.