Buy KNR Constructions, target price Rs 305: IIFL

IIFL has given a buy rating to KNR Constructions with a target price of Rs 305. The share price moved up by 1.88 per cent from its previous close of Rs 281.80. The stock’s last traded price is Rs 287.10.

KNR Constructions Ltd., incorporated in the year 1995, is a Mid Cap company (having a market cap of Rs 3946.42 Crore) operating in Infrastructure sector.

Financials
For the quarter ended 30-09-2020, the company reported a Consolidated sales of Rs 655.88 Crore, up 25.52 % from last quarter Sales of Rs 522.53 Crore and up 11.72 % from last year same quarter Sales of Rs 587.07 Crore Company reported net profit after tax of Rs 155.17 Crore in latest quarter.


Investment Rationale
Stock has given a bullish flag pattern breakout on the weekly chart.

Promoter/FII Holdings
Promoters held 55 per cent stake in the company as of Sept 30, 2020, while FIIs held 1.5 per cent, DIIs 34.3 per cent and public and others 9.1 per cent.