Buy Triveni Engineering & Industries, target price Rs 207: ICICI Direct

ICICI Direct has buy call on Triveni Engineering & Industries with a target price of Rs 207. The current market price of Triveni Engineering & Industries is Rs 176.05. Time period given by analyst is two weeks when Triveni Engineering & Industries Ltd. price can reach defined target.

Investment Rationale
The sugar stocks are in structural up trend forming higher peak and higher trough in all time frame. They are seen rebounding after one month of breather.

The share price of Triveni Engineering has registered a breakout above a falling channel containing last one months corrective decline thus offers fresh entry opportunity. The brokerage expects the stock to continue with its positive momentum and head towards its recent high of Rs 209 in the coming weeks.

Promoter/FII Holdings
Promoters held 67.8 per cent stake in the company as of Sept 30, 2020, while FIIs held 12.3 per cent, DIIs 15.2 per cent and public and others 4.7 per cent.