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Buy Action Construction Equipment; target of Rs 290: ICICI Direct

ICICI Direct is bullish on Action Construction Equipment has recommended buy rating on the stock with a target price of Rs 290 in its research report dated February 07, 2021.

February 08, 2022 / 05:43 PM IST
 
 
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ICICI Direct's research report on Action Construction Equipment


Action Construction Equipment (ACE) is a construction equipment and material handling company based in India. ACE has eight manufacturing and one R&D site in Faridabad, Haryana The company has a capacity of 12000 construction equipment and 9000 tractors annually ACE’s product portfolio is divided into four main categories viz. agricultural equipment, construction equipment, road construction equipment and earth-moving machinery


Outlook


We continue to remain positive and retain our BUY rating on the stock We value ACE at Rs 290 i.e. 18x PE (FY24E).


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At 14:37 hrs Action Construction Equipment was quoting at Rs 220.95, down Rs 0.10, or 0.05 percent.


It has touched an intraday high of Rs 226.10 and an intraday low of Rs 216.40.


It was trading with volumes of 40,139 shares, compared to its thirty day average of 67,380 shares, a decrease of -40.43 percent.


In the previous trading session, the share closed down 6.75 percent or Rs 16.00 at Rs 221.05.


The share touched its 52-week high Rs 291.55 and 52-week low Rs 139.65 on 14 September, 2021 and 10 May, 2021, respectively.


Currently, it is trading 24.22 percent below its 52-week high and 58.22 percent above its 52-week low.


Market capitalisation stands at Rs 2,631.14 crore.


For all recommendations report, click here


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first published: Feb 8, 2022 05:43 pm
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