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    Buy Balrampur Chini Mills, target price Rs 450: Axis Securities

    Synopsis

    Balrampur Chini Mills, incorporated in the year 1975, is a Mid Cap company (having a market cap of Rs 8284.02 Crore) operating in Sugar sector.

    ​Buy Balrampur Chini near Rs 366Agencies
    The stock on the weekly chart has decisively broken out above the “falling channel” pattern as well as “Multiple resistance zone”.
    Axis Securities has buy call on Balrampur Chini Mills with a target price of Rs 450. The current market price of Balrampur Chini Mills is Rs 402.8. Time period given by analyst is 3-4 weeks when Balrampur Chini Mills price can reach defined target. Axis Securities recommended to keep stop loss at Rs 362.

    Balrampur Chini Mills, incorporated in the year 1975, is a Mid Cap company (having a market cap of Rs 8284.02 Crore) operating in Sugar sector.

    Balrampur Chini Mills key Products/Revenue Segments include Sugar, Alcohol (Industrial), Power, Bagasse, Export Incentives, Others for the year ending 31-Mar-2022.

    Financials
    For the quarter ended 30-09-2022, the company has reported a Consolidated Total Income of Rs 1124.83 Crore, up 2.76 % from last quarter Total Income of Rs 1094.59 Crore and down -7.67 % from last year same quarter Total Income of Rs 1218.23 Crore. Company has reported net profit after tax of Rs -31.99 Crore in latest quarter.

    The company’s top management includes Mr.Vivek Saraogi, Mr.Naresh Dayal, Mr.D K Mittal, Mr.Krishnava Dutt, Ms.Veena Hingarh, Ms.Mamta Binani. Company has Lodha & Co. as its auditors. As on 30-09-2022, the company has a total of 20 Crore shares outstanding.

    Investment Rationale
    The stock on the weekly chart has decisively broken out above the “falling channel” pattern as well as “Multiple resistance zone”. The stock is forming a higher high-low on daily chart. This formation indicates a positive uptrend.

    Promoter/FII Holdings
    Promoters held 42.42 per cent stake in the company as of 30-Sep-2022, while FIIs owned 19.07 per cent, DIIs 18.2 per cent.



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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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