Buy Indo Count Industries with a target at Rs 1350: JM Financial Research
The company is on course to deliver Phase I capex of Rs1.75 billion to augment capacity from 68 million mtrs to 90mn mtrs by December 2016 end and has also approved a Phase II backward integration capex of Rs 3 billion recently
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| Updated: JM Financial Research maintains buy on Indo Count Industries post Q4 results with a 12-month target price of Rs 1350. The Company witnessed another quarter of strong earnings in the home textile division, partly set off by the reduced margins in the spinning business.
The company is on course to deliver Phase I capex of Rs1.75 billion to augment capacity from 68 million mtrs to 90mn mtrs by December 2016 end and has also approved a Phase II backward integration capex of Rs 3 billion recently.
Primarily, a processing player with limited investments in the yarn/backward integration segments, Indo Count remain preferred play in the current subdued yarn price outlook.
The company is on course to deliver Phase I capex of Rs1.75 billion to augment capacity from 68 million mtrs to 90mn mtrs by December 2016 end and has also approved a Phase II backward integration capex of Rs 3 billion recently.
Primarily, a processing player with limited investments in the yarn/backward integration segments, Indo Count remain preferred play in the current subdued yarn price outlook.
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