Buy Godrej Industries, target price Rs 430: IIFL

IIFL has given a buy rating to Godrej Industries with a target price of Rs 430. The share price moved up by 1.61 per cent from its previous close of Rs 406.45. The stock’s last traded price is Rs 413.

Godrej Industries Ltd., incorporated in the year 1988, is a Mid Cap company (having a market cap of Rs 13780.50 Crore) operating in Diversified sector.

Financials
For the quarter ended 30-09-2020, the company reported a Consolidated sales of Rs 2386.29 Crore, up 20.52 % from last quarter Sales of Rs 1980.06 Crore and down -9.22 % from last year same quarter Sales of Rs 2628.71 Crore Company reported net profit after tax of Rs 89.48 Crore in latest quarter.


Investment Rationale
Stock has given a bullish inverse head & shoulder breakout on the hourly chart.

Promoter/FII Holdings
Promoters held 62.2 per cent stake in the company as of June 30, 2020, while FIIs held 9.3 per cent, DIIs 4.7 per cent and public and others 21.8 per cent.