Buy Excel Industries, target price Rs 1410: ICICI Direct

ICICI Direct has buy call on Excel Industries with a target price of Rs 1410. The current market price of Excel Industries is Rs 1277.95. Time period given by analyst is three months when Excel Industries Ltd. price can reach defined target.

Excel Industries Ltd., incorporated in the year 1960, is a Small Cap company (having a market cap of Rs 1594.66 Crore) operating in Pesticides/Agro Chemicals sector.

Financials
For the quarter ended 31-03-2021, the company reported a Consolidated Total Income of Rs 219.79 Crore, up 1.53 % from last quarter Total Income of Rs 216.48 Crore and up 29.84 % from last year same quarter Total Income of Rs 169.28 Crore. Company reported net profit after tax of Rs 20.10 Crore in latest quarter.

Investment Rationale
The Chemical space has seen positive momentum in past few weeks .Within this space Excel Industries has remained laggard. However, over past few weeks the brokerage observes share price holding up well and forming a bullish pennant formation above its 10 week EMA subsequent to breakout from 2 year rounding bottom formation. The brokerage expects the stock to catch up from hereon and head towards target of Rs 1410 based on pattern implication of pennant breakout.