Buy NOCIL, target price Rs 292: ICICI Direct

ICICI Direct has buy call on NOCIL with a target price of Rs 292. The current market price of NOCIL Ltd. is Rs 282.4. Time period given by analyst is 2 weeks when NOCIL Ltd. price can reach defined target.

NOCIL Ltd., incorporated in the year 1961, is a Small Cap company (having a market cap of Rs 4688.42 Crore) operating in Chemicals sector.

Financials
For the quarter ended 30-06-2021, the company reported a Consolidated Total Income of Rs 345.61 Crore, up 6.56 % from last quarter Total Income of Rs 324.33 Crore and up 194.76 % from last year same quarter Total Income of Rs 117.25 Crore. Company reported net profit after tax of Rs 47.41 Crore in latest quarter.


Investment Rationale
The stock has generated a breakout above the falling channel containing the last one months corrective decline signaling resumption of up move and offers fresh entry opportunity.

It is expected to continue with its current up move and head towards its recent highs of Rs 293 levels in the coming weeks

Promoter/FII Holdings
Promoters held 33.9 per cent stake in the company as of June 30, 2021, while FIIs held 2.2 per cent, DIIs 4.4 per cent and public and others 59.6 per cent.