Buy Mahindra CIE Automotive, target price Rs 390: Axis Securities
Promoters held 74.96 per cent stake in the company as of September 2022 quarters while FIIs owned 0 per cent and DIIs 7.66 per cent.
By ETMarkets.com | Updated:
iStock
Axis Securities has buy call on Mahindra CIE Automotive with a target price of Rs 390. The current market price of Mahindra CIE Automotive is Rs 338.65. Time period given by analyst is 3-4 weeks when Mahindra CIE Automotive price can reach defined target. Axis Securities recommended to keep stop loss at Rs 288.
Mahindra CIE Automotive, incorporated in the year 1999, is a Mid Cap company (having a market cap of Rs 12968.86 Crore) operating in Auto Ancillaries sector.
Mahindra CIE Automotive key Products/Revenue Segments include Automotive Accessories, Other Operating Revenue and Sale of services for the year ending 31-Dec-2021.
Financials
For the quarter ended 30-09-2022, the company has reported a Consolidated Total Income of Rs 2736.95 Crore, down -.22 % from last quarter Total Income of Rs 2742.86 Crore and up 30.45 % from last year same quarter Total Income of Rs 2098.09 Crore. Company has reported net profit after tax of Rs 171.07 Crore in latest quarter.
The company’s top management includes Mr.Shriprakash Shukla, Mrs.Roxana Meda Inoriza, Mr.Kadambi Narahari, Mr.Suhail A Nathani, Mr.Manoj Maheshwari, Mr.Dhananjay Mungale, Mr.Puneet Renjhen, Mr.Jesus Maria Herrera Barandiaran, Mr.Manoj Menon, Mr.Anil Haridass, Mr.Ander Arenaza Alvare, Mr.Alan Savio D�Silva Picardo. Company has Price Waterhouse Chartered Accountants LLP as its auditors. As on 30-09-2022, the company has a total of 38 Crore shares outstanding.
On the weekly time frame the stock has decisively broken out above the "Multiple Resistance Zone” pattern placed between 324-313 levels. The breakout is accompanied with an increase in volume confirming participation at breakout level. Furthermore, the stock is well placed above 20, 50, 100 and 200 key averages.
Promoter/FII Holdings
Promoters held 74.96 per cent stake in the company as of September 2022 quarters while FIIs owned 0 per cent and DIIs 7.66 per cent.
Mahindra CIE Automotive, incorporated in the year 1999, is a Mid Cap company (having a market cap of Rs 12968.86 Crore) operating in Auto Ancillaries sector.
Mahindra CIE Automotive key Products/Revenue Segments include Automotive Accessories, Other Operating Revenue and Sale of services for the year ending 31-Dec-2021.
Financials
For the quarter ended 30-09-2022, the company has reported a Consolidated Total Income of Rs 2736.95 Crore, down -.22 % from last quarter Total Income of Rs 2742.86 Crore and up 30.45 % from last year same quarter Total Income of Rs 2098.09 Crore. Company has reported net profit after tax of Rs 171.07 Crore in latest quarter.
The company’s top management includes Mr.Shriprakash Shukla, Mrs.Roxana Meda Inoriza, Mr.Kadambi Narahari, Mr.Suhail A Nathani, Mr.Manoj Maheshwari, Mr.Dhananjay Mungale, Mr.Puneet Renjhen, Mr.Jesus Maria Herrera Barandiaran, Mr.Manoj Menon, Mr.Anil Haridass, Mr.Ander Arenaza Alvare, Mr.Alan Savio D�Silva Picardo. Company has Price Waterhouse Chartered Accountants LLP as its auditors. As on 30-09-2022, the company has a total of 38 Crore shares outstanding.
ADVERTISEMENT
Investment RationaleOn the weekly time frame the stock has decisively broken out above the "Multiple Resistance Zone” pattern placed between 324-313 levels. The breakout is accompanied with an increase in volume confirming participation at breakout level. Furthermore, the stock is well placed above 20, 50, 100 and 200 key averages.
Promoter/FII Holdings
Promoters held 74.96 per cent stake in the company as of September 2022 quarters while FIIs owned 0 per cent and DIIs 7.66 per cent.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
