Buy NRB Bearings, target price Rs 132: ICICI Direct

ICICI Direct has buy call on NRB Bearings with a target price of Rs 132. The current market price of NRB Bearings Ltd. is Rs 114.75.

NRB Bearings Ltd., incorporated in the year 1965, is a Small Cap company (having a market cap of Rs 1123.33 Crore) operating in Auto Ancillaries sector.

Financials
For the quarter ended 31-12-2020, the company reported a Consolidated Total Income of Rs 249.02 Crore, up 25.53 % from last quarter Total Income of Rs 198.37 Crore and up 31.60 % from last year same quarter Total Income of Rs 189.23 Crore. Company reported net profit after tax of Rs 23.28 Crore in latest quarter.

Investment Rationale
The brokerage expects the stock extend the current up move and head towards Rs 132 levels as it is the 161.8% external retracement of the recent breather (Rs 119 to Rs 100) signalling upside towards Rs 132 levels.