Buy Action Construction Equipment, target price Rs 292: ICICI Direct

ICICI Direct has buy call on Action Construction Equipment Ltd. with a target price of Rs 292. The current market price of Action Construction Equipment is Rs 260.5.

Time period given by analyst is 7 days when Action Construction Equipment Ltd. price can reach defined target.
Action Construction Equipment Ltd., incorporated in the year 1995, is a Small Cap company (having a market cap of Rs 3030.00 Crore) operating in Engineering sector.


Action Construction Equipment Ltd. key Products/Revenue Segments include Cranes, Construction Equipment and Material Handling Equipments for the year ending 31-Mar-2021.

Financials
For the quarter ended 30-06-2021, the company reported a Consolidated Total Income of Rs 323.93 Crore, down -30.33 % from last quarter Total Income of Rs 464.96 Crore and up 213.25 % from last year same quarter Total Income of Rs 103.41 Crore. Company reported net profit after tax of Rs 19.31 Crore in latest quarter.

Investment Rationale
The share price of Action Construction has rebounded after buying demand emerged at 50% retracement of Aug-September up move(Rs 192-292)signaling resumption of up move and fresh entry opportunity. Going ahead the brokerage expects the stock to resolve higher and gradually head towards earmarked target of Rs 292 being its recent highs.