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    Buy VIP Industries, target price Rs 455: ICICI Direct

    Synopsis

    VIP Industries Ltd., incorporated in the year 1968, is a Mid Cap company (having a market cap of Rs 5864.67 Crore) operating in Plastics sector.

    BuyThinkStock Photos
    Promoters held 53.46 per cent stake in the company as of Dec 31, 2020, while FIIs held 3.04 per cent, DIIs 14.72 per cent and public and others 28.78 per cent.
    ICICI Direct has buy call on VIP Industries with a target price of Rs 455. The current market price of VIP Industries is Rs 416.95. Time period given by analyst is two weeks when VIP Industries price can reach defined target.

    VIP Industries Ltd., incorporated in the year 1968, is a Mid Cap company (having a market cap of Rs 5864.67 Crore) operating in Plastics sector.

    Financials
    For the quarter ended 31-03-2021, the company reported a Consolidated Total Income of Rs 259.30 Crore, up 6.79 % from last quarter Total Income of Rs 242.82 Crore and down -18.16 % from last year same quarter Total Income of Rs 316.84 Crore. Company reported net profit after tax of Rs -3.78 Crore in latest quarter.

    Investment Rationale
    The share price of VIP Industries resolved out of 2.5 years falling resistance trend line backed by above average volumes, indicating conclusion of corrective bias that in turn signifies resumption of primary up trend. Thereby offering fresh entry opportunity. In the process, stock logged a resolute breakout from six months consolidation ( Rs 422-305), indicating rejuvenation of upward momentum that augurs well for stock to resolve higher and head towards target of 455 as it is 80% retracement of entire CY-20 decline (Rs 520-202).

    Promoter/FII Holdings
    Promoters held 53.46 per cent stake in the company as of Dec 31, 2020, while FIIs held 3.04 per cent, DIIs 14.72 per cent and public and others 28.78 per cent.



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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    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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