CD Equisearch is bullish on Jamna Auto Industries has recommended buy rating on the stock with a target price of Rs 275 in its research report dated April 13, 2017.
CD Equisearch's report on Jamna Auto Industries
Swaying fortunes of Indian CV industry, most prominently M&HCV sector, have decidedly bewildered manufacturers and investors alike for a couple of years of sturdy growth of M&HCV industry - 30% in FY16 and 16% in FY15- was followed by near naught growth last fiscal.
Yet cost control measures coupled with streamlining /up gradation of existing plants lends temperance to external exigencies. On balance we retain our buy rating on the stock with revised target of Rs 275 (previous target: Rs 265) based on 18x FY18e earnings (PEG ratio: 1), over a period of 6-9 months.
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