Buy Balkrishna Industries, target price Rs 1,000: Jayesh Bhanushali

Jayesh Bhanushali of IIFL has a buy call on Balkrishna Industries Ltd. with a target price of Rs 1000.0 . The current price of Balkrishna Industries Ltd. is Rs 962.15 Time period given by the analyst is Intra Day when Balkrishna Industries Ltd. price can reach defined target. . Jayesh Bhanushali recommended to keep a stoploss at Rs 935 .

Balkrishna Industries Ltd., incorporated in 1961, has a market cap of Rs 18600.01 crore.

Investment Rationale


The stock has given a bullish cup and handle breakout in the daily chart.

Financials

For the quarter ended December 31, 2019, the company reported consolidated sales of Rs 1155.76 crore, up 6.59 per cent from last quarter sales of Rs 1084.28 crore and down -3.51 per cent from last year same quarter sales of Rs 1197.84 crore. The company reported net profit after tax of Rs 223.80 crore in the latest quarter.

Promoter/FII Holdings

Promoters held 58.30 per cent stake in the company as of December 31, 2019, while FIIs held 11.68 per cent, DIIs 17.49 per cent and public & others 12.53 per cent.