Buy Safari Industries (India), target price Rs 970: ICICI Direct

ICICI Direct has buy call on Safari Industries (India) with a target price of Rs 970. The current market price of Safari Industries (India) is Rs 858.3.

Time period given by analyst is 3 months when Safari Industries (India) Ltd. price can reach defined target.

Safari Industries (India) Ltd., incorporated in the year 1980, is a Small Cap company (having a market cap of Rs 1914.94 Crore) operating in Plastics sector.


Financials
For the quarter ended 30-06-2021, the company reported a Consolidated Total Income of Rs 122.03 Crore, down -8.44 % from last quarter Total Income of Rs 133.28 Crore and up 472.95 % from last year same quarter Total Income of Rs 21.30 Crore. Company reported net profit after tax of Rs 2.45 Crore in latest quarter.

Investment Rationale
The share price of Safari Industries has recently generated a breakout above the bullish Cup & Handle formation on the long term chart signalling continuance of up trend.

The stock, in last seven weeks, has been consolidating in range of Rs 840-710 above bullish Cup & Handle breakout area. It is currently on the cusp of breaking above last seven week’s range signalling strength and offers a fresh entry opportunity.