Buy Bombay Dyeing & Manufacturing Company, target price Rs 155: Axis Securities

Promoters held 53.59 per cent stake in the company as of 31-Mar-2023, while FIIs owned 0.36 per cent, DIIs 0.26 per cent.

By ETMarkets.com | Updated: Jul 06, 2023, 10.02 AM IST

Axis Securities has buy call on Bombay Dyeing & Manufacturing Company with a target price of Rs 155. The current market price of Bombay Dyeing & Manufacturing Company is Rs 121.25. Axis Securities recommended to keep stop loss at Rs 109.

Bombay Dyeing & Manufacturing Company, incorporated in the year 1879, is a Small Cap company (having a market cap of Rs 2556.90 Crore) operating in Diversified sector.

Bombay Dyeing & Manufacturing Company key Products/Revenue Segments include Polyester Staple Fibres, Real Estate Development, Lease Rentals, Export Incentives, Other Operating Revenue for the year ending 31-Mar-2022.

Financials
For the quarter ended 31-03-2023, the company has reported a Consolidated Total Income of Rs 690.75 Crore, up 4.94 % from last quarter Total Income of Rs 658.26 Crore and up 13.58 % from last year same quarter Total Income of Rs 608.16 Crore. Company has reported net profit after tax of Rs -246.12 Crore in latest quarter.

Investment Rationale
Stock strongly rebounded from 20 and 200-daySMA; Daily weekly RSI is in positive terrain.

Promoter/FII Holdings
Promoters held 53.59 per cent stake in the company as of 31-Mar-2023, while FIIs owned 0.36 per cent, DIIs 0.26 per cent.

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