Buy Eveready with a target of Rs 63: Joshi

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Buy Eveready with a target of Rs 63: Joshi

Sharmila Joshi, Co-Head PCG Sales, Emkay Global Financial Services is of the view that one can buy Eveready with a target of Rs 63.

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Sharmila Joshi, Co-Head PCG Sales, Emkay Global Financial Services is of the view that one can buy Eveready Industries with a target of Rs 63.

Joshi told CNBC-TV18, "I start the day with buying Eveready. I spoke of the whole theme of auto ancillaries yesterday and I think that tyre stocks are obviously doing well in trade today itself. Eveready is another very interesting stock to be looking at but what I like about the stock - the recent momentum on the stock is that they have taken a price hike on their products to account for the increasing prices that you have in zinc and I think the MRP will go up between 5-10%. So they will be able to maintain their margins and the financial performance on the automotive battery front will continue."

She further added, "But what I also like about Eveready is that going ahead they are also getting into LED lights and they are trying to build a whole rural market for this. This product has already been launched and it has been received very well, it has been priced very well. So the idea is to target lots of small villages scattered across the country where we all know how power deficient they are and they have a product which can be used in homes. So I think you are increasingly going to see the business shift in Eveready happen towards this segment and I think it is a great idea because whatever power projects we are talking of, they are going to take some time before they are fully commissioned and they can reach all these far-flung places and till then you will have players like Eveready stepping in and bringing light to so many million homes. So I think this is a stock that I like and that is my first stock for the day. 'Buy' Eveready with a target of Rs 63."