Buy Ashiana Housing, target price Rs 190: ICICI Direct

ICICI Direct has buy call on Ashiana Housing with a target price of Rs 190. The current market price of Ashiana Housing Ltd. is Rs 178.3. Time period given by analyst is two weeks when Ashiana Housing Ltd. price can reach defined target.

Ashiana Housing Ltd., incorporated in the year 1986, is a Small Cap company (having a market cap of Rs 1837.22 Crore) operating in Real Estate sector.

Financials
For the quarter ended 31-03-2021, the company reported a Consolidated Total Income of Rs 81.36 Crore, down -9.31 % from last quarter Total Income of Rs 89.71 Crore and down -17.48 % from last year same quarter Total Income of Rs 98.59 Crore. Company reported net profit after tax of Rs -5.64 Crore in latest quarter.

Investment Rationale
The real estate space is witnessing a breakout above a decade long consolidation with most of the stocks forming higher peak and higher trough in all time frame. The share price of Ashiana Housing has generated a resolute breakout above the bullish Flag pattern signalling continuation of the up move and offers fresh entry opportunity. The brokerage expects the stock to continue with its positive momentum and head towards Rs 190 levels as it is the measuring implication of the last one weeks range breakout (Rs 174-159) signalling upside towards Rs 190 levels in the coming week.