Buy Maithan Alloys, target price Rs 1190: HDFC Securities

HDFC Securities has buy call on Maithan Alloys with a target price of Rs 1190. The current market price of Maithan Alloys is Rs 1087.85. HDFC Securities recommended to keep stop loss at Rs 1039.

Maithan Alloys, incorporated in the year 1985, is a Small Cap company (having a market cap of Rs 3169.52 Crore) operating in Metals - Non Ferrous sector.

Maithan Alloys key Products/Revenue Segments include Ferro Alloys, Manganese Ore, Other Operating Revenue, Others (Traded), Export Incentives, Wind Power for the year ending 31-Mar-2021.


Financials
For the quarter ended 31-03-2023, the company has reported a Consolidated Total Income of Rs 577.39 Crore, down -21.58 % from last quarter Total Income of Rs 736.27 Crore and down -31.89 % from last year same quarter Total Income of Rs 847.73 Crore. Company has reported net profit after tax of Rs 98.08 Crore in latest quarter.

Investment Rationale
Breakout from symmetrical triangle on the weekly time frame with jump in volumes.

Promoter/FII Holdings
Promoters held 74.99 per cent stake in the company as of 31-Mar-2023, while FIIs owned 1.52 per cent, DIIs 0.55 per cent.