Buy Jamna Auto Industries, target price Rs 101: ICICI Direct

ICICI Direct has buy call on Jamna Auto Industries with a target price of Rs 101. The current market price of Jamna Auto Industries Ltd. is Rs 94.55. Time period given by analyst is 2 weeks when Jamna Auto Industries Ltd. price can reach defined target.

Jamna Auto Industries Ltd., incorporated in the year 1965, is a Small Cap company (having a market cap of Rs 3843.18 Crore) operating in Auto Ancillaries sector.

Jamna Auto Industries Ltd. key Products/Revenue Segments include Automobile Products & Accessories, Scrap and Interest for the year ending 31-Mar-2020.

Financials
For the quarter ended 30-06-2021, the company reported a Consolidated Total Income of Rs 295.79 Crore, down -39.31 % from last quarter Total Income of Rs 487.40 Crore and up 347.92 % from last year same quarter Total Income of Rs 66.04 Crore. Company reported net profit after tax of Rs 19.49 Crore in latest quarter.

Investment Rationale
The share price of Jamna Auto is at the cusp of breaking above last one months highs (Rs 95) as buying demand emerged at the 61.8% retracement of previous up move (| 79-95) signaling resumption of up move and offers fresh entry opportunity. Going ahead, the brokerage expects the stock to extend the current up move and head towards Rs 101 levels as it is the 161.8% external retracement of the last two weeks breather(Rs 95-84).