Buy Escorts, target price Rs 1390: IIFL

IIFL has buy call on Escorts with a target price of Rs 1390. The current market price of Escorts Ltd. is Rs 1340.35.
Time period given by analyst is Intra Day when Escorts Ltd. price can reach defined target.

Escorts Ltd., incorporated in the year 1944, is a Mid Cap company (having a market cap of Rs 18088.06 Crore) operating in Auto sector.

Financials
For the quarter ended 30-06-2021, the company reported a Consolidated Total Income of Rs 1750.61 Crore, down -22.90 % from last quarter Total Income of Rs 2270.65 Crore and up 56.33 % from last year same quarter Total Income of Rs 1119.85 Crore. Company reported net profit after tax of Rs 188.84 Crore in latest quarter.


Investment Rationale
Stock has given a channel and a triple bottom breakout on the daily chart.

Promoter/FII Holdings
Promoters held 36.6 per cent stake in the company as of June 30, 2021, while FIIs held 21.3 per cent, DIIs 5.6 per cent and public and others 36.5 per cent.