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    Sell Balkrishna Industries, target price Rs 1887: Nuvama Wealth

    Synopsis

    Breakdown from a “Bearish Flag and Pole” pattern, rise in OI reaffirms bearish momentum.

    Balkrishna IndustriesAgencies
    Balkrishna Industries, incorporated in the year 1961, is a Large Cap company (having a market cap of Rs 39159.30 Crore) operating in Tyres sector.
    Nuvama Wealth brokerage has sell call on Balkrishna Industries with a target price of Rs 1887. The current market price of Balkrishna Industries is Rs 2027.2. Nuvama Wealth brokerage recommended to keep stop loss at Rs 2100.

    Balkrishna Industries, incorporated in the year 1961, is a Large Cap company (having a market cap of Rs 39159.30 Crore) operating in Tyres sector.

    Balkrishna Industries key Products/Revenue Segments include Tyres & Tubes, Export Incentives, Scrap and Other Operating Revenue for the year ending 31-Mar-2022.

    Financials
    For the quarter ended 31-12-2022, the company has reported a Consolidated Total Income of Rs 2210.54 Crore, down -23.36 % from last quarter Total Income of Rs 2884.17 Crore and up 2.39 % from last year same quarter Total Income of Rs 2158.85 Crore. Company has reported net profit after tax of Rs 108.38 Crore in latest quarter.

    The company’s top management includes Mr.Arvind Poddar, Mr.Rajiv Poddar, Mr.Vipul Shah, Mrs.Vijaylaxmi Poddar, Mr.Sandeep Junnarkar, Mr.Pannkaj Ghadiali, Mr.Rajendra Hingwala, Ms.Shruti Shah. Company has N G Thakrar & Co as its auditors. As on 31-12-2022, the company has a total of 19 Crore shares outstanding.

    Investment Rationale
    Breakdown from a “Bearish Flag and Pole” pattern, rise in OI reaffirms bearish momentum.

    Promoter/FII Holdings
    Promoters held 58.29 per cent stake in the company as of 31-Dec-2022, while FIIs owned 12.45 per cent, DIIs 19.94 per cent.



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    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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