Buy Carborundum Universal, target price Rs 285: IIFL

Carborundum Universal Ltd., incorporated in the year 1954, is a Mid Cap company (having a market cap of Rs 5137.81 Crore) operating in Industrial Consumables sector.

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Promoters held 42.1 per cent stake in the company as of June 30, 2020, while FIIs held 6.6 per cent, DIIs 28 and public and others 23.4 per cent.
ET Spotlight
IIFL has given a buy rating to Carborundum Universal with a target price of Rs 285. The share price moved up by 0.72 per cent from its previous close of Rs 269.10. The stock’s last traded price is Rs 271.05.

Carborundum Universal Ltd., incorporated in the year 1954, is a Mid Cap company (having a market cap of Rs 5137.81 Crore) operating in Industrial Consumables sector.

Financials
For the quarter ended 30-06-2020, the company reported a Consolidated sales of Rs 443.80 Crore, down 24.27 % from last quarter Sales of Rs 586.02 Crore and down 33.12 % from last year same quarter Sales of Rs 663.58 Crore. The Company reported net profit after tax of Rs 18.39 Crore in latest quarter.


Investment Rationale
The brokerage said that the stock has given a bullish price breakout above its 200 DEMA on the daily chart

Promoter/FII Holdings
Promoters held 42.1 per cent stake in the company as of June 30, 2020, while FIIs held 6.6 per cent, DIIs 28 and public and others 23.4 per cent.
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