Buy Carborundum Universal, target price Rs 1030: IIFL

IIFL has buy call on Carborundum Universal with a target price of Rs 1030. The current market price of Carborundum Universal Ltd. is Rs 982.2.

Time period given by analyst is Intra Day when Carborundum Universal Ltd. price can reach defined target.

Carborundum Universal Ltd., incorporated in the year 1954, is a Mid Cap company (having a market cap of Rs 18626.24 Crore) operating in Industrial Consumables sector.


Carborundum Universal Ltd. key Products/Revenue Segments include Abrasives, Ceramics, Electro Minerals, Sale of services, Export Incentives, Service Income, Scrap, Other Operating Revenue for the year ending 31-Mar-2021.


Financials
For the quarter ended 30-09-2021, the company reported a Consolidated Total Income of Rs 853.38 Crore, up 18.32 % from last quarter Total Income of Rs 721.27 Crore and up 21.57 % from last year same quarter Total Income of Rs 701.95 Crore. Company reported net profit after tax of Rs 96.98 Crore in latest quarter.


Investment Rationale
Has given a flag patternbreakout on daily chart

Promoter/FII Holdings
Promoters held 41.96 per cent stake in the company as of 30-Sep-2021, while FIIs owned 12.1 per cent, DIIs 24.24 per cent.