Buy Prism Johnson, target price Rs 70: IIFL

IIFL has given a buy rating to Prism Johnson with a target price of Rs 70. The share price moved up by 2.30 per cent from its previous close of Rs 63.15. The stock’s last traded price is Rs 64.60.

Prism Johnson Ltd., incorporated in the year 1992, is a Mid Cap company (having a market cap of Rs 3274.33 Crore) operating in Cement sector.

Financials
For the quarter ended 30-06-2020, the company reported a Consolidated sales of Rs 846.12 Crore, down 42.17 % from last quarter Sales of Rs 1463.15 Crore and down 46.47 % from last year same quarter Sales of Rs 1580.65 Crore. The Company reported net profit after tax of Rs -89.81 Crore in latest quarter.

Investment Rationale
Stock has given a consolidation breakout above its 200DEMA on the daily chart

Promoter/FII Holdings
Promoters held 74.9 per cent stake in the company as of June 30, 2020, while FIIs held 3.1 per cent, DIIs 8 per cent and public and others 14.1 per cent.