Buy Timken India, target price Rs 2600: HDFC Securities

HDFC Securities has buy call on Timken India with a target price of Rs 2600. The current market price of Timken India is Rs 2437.25. Time period given by analyst is Intra Day when Timken India Ltd. price can reach defined target.

Timken India Ltd., incorporated in the year 1996, is a Mid Cap company (having a market cap of Rs 18354.50 Crore) operating in Engineering sector.

Timken India Ltd. key Products/Revenue Segments include Bearing Accessories & Maintenance Products, Sale of services, Export Incentives for the year ending 31-Mar-2021.



Financials
For the quarter ended 31-03-2022, the company reported a Standalone Total Income of Rs 672.30 Crore, up 31.10 % from last quarter Total Income of Rs 512.80 Crore and up 39.13 % from last year same quarter Total Income of Rs 483.22 Crore. Company reported net profit after tax of Rs 121.30 Crore in latest quarter.

Investment Rationale
Breakout from downward sloping channel on the daily chart with rising volumes.

Promoter/FII Holdings
Promoters held 67.8 per cent stake in the company as of 31-Mar-2022, while FIIs owned 2.9 per cent, DIIs 13.0 per cent.