ICICI Securities Upbeat On Tyres Sector Stock As Shares Likely To Rally, Buy

ICICI Securities has recommended investors to buy large cap Tyres Sector stock, Balkrishna Industries with target price of Rs 2378 apiece. Current market price of Balkrishna Industries is Rs 2038.10 apiece. If you buy Balkrishna Industries share now, you can fetch potential return of 16%. Check details below:

Balkrishna Industries Stock Performance & Return: Current market price of Balkrishna Industries is Rs 2038.10 apiece with intraday fall of 1.02%. The stock's 52-week high is Rs 2451.00 apiece and 52-week low is Rs 1681.95 apiece, respectively. Its market capitalisation is Rs 39,417.38 crore.

The stock fell 2% in last 3-months, gave return of over 2% in last 6-months, and over 8% in last 1-year. The stock fetched 86% return in last 3-years and 99% return in last 5-years.

Balkrishna Industries Valuation: According to ICICI Securities, "India's OHT (off-highway tyre) exports in 9MFY23 were up ~8% with the ~15% decline in the EU getting balanced by growth in US and RoW. We are building-in 8%/10% volume growth for BIL in FY24E/FY25E with EBITDAM at 24.5%/26.5%, respectively. Maintain BUY with a DCF-based target price of Rs2,378, implying 23x FY25E EPS."

Balkrishna Industries About: It is headquartered in Mumbai, India. The company is engaged in the business of manufacturing and selling of Off-Highway Tyres (OHT) in the specialist segments such as Agricultural, Industrial & Construction, Earthmovers & Port, Mining, Forestry, Lawn & Garden, and All-Terrain Vehicles (ATV) Tires. It has a worldwide distribution network ensuring extensive reach and penetration.

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 check with certified experts before taking any investment decision.