Referring to Apar Industries as a giant that is still growing, domestic brokerage firm Nuvama initiated coverage on the stock with a ‘buy’ rating and a target price of Rs 12,700, signalling an upside of 25.5% from Monday’s closing price.
‘We argue APAR is a favoured play on India’s T&D capex super-cycle that would spur demand for high value-added/efficient conductors. Re-conductoring and exports pickup can further charge up growth (18%+ EPS CAGR over FY24–27E at 23% RoE),” said Nuvama in its report.
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