This Midcap Pipes & Fittings Stock To Buy As Suggested By ICICI Securities For High Returns

ICICI Securities has assigned a "buy" on the stock of Finolex Industries Ltd. with a target price of 196/share. According to the brokerage firm, if you buy the stock at the current market price, it can fetch up to 16% gains. Finolex Industries is a midcap Pipes & Fittings industry stock having a market capitalisation of Rs 10,517.08 crore. Check below the details:

Finolex Industries' stock performance and outlook

The current market price of stock is Rs 169.75/share, up 1.86% from its previous close of Rs 166.65/share. It recorded 52 week low at Rs 121.50/share on 22 September 2022 and its 52 week high at Rs 195/share on 29 December 2022, respectively. It has fallen 4.43% in the past 1 month, and in 3 months it gained 3.7%. It gained 10.35% in the one past year. It gained 53.89% in the past 3 months, and 29.04% in the past 5 years, respectively.

ICICI Securities Assigned "Buy" on stock with a target of Rs 196/shareAssigned "Buy" on stock with a target of Rs 196/share

ICICI Securities said, "We continue to like Finolex for 1) its leadership in agri pipes, 2) strong brand presence, 3) increasing focus on growing higher-margin non-agri pipe business, and 4) its net debt-free balance sheet. Maintain estimates and upgrade the stock from Add to BUY with an unchanged Mar'24 SoTP-based target price of Rs 196."

Disclaimer

The stock has been picked from the brokerage report of ICICI Securities. Greynium Information Technologies, the Author, and the respective Brokerage house are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to consult with certified experts before making any investment decision.