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Buy AIA Engineering; target of Rs 2230: ICICI Direct

ICICI Direct is bullish on AIA Engineering has recommended buy rating on the stock with a target price of Rs 2230 in its research report dated November 02, 2021.

November 03, 2021 / 11:32 AM IST
 
 
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ICICI Direct's research report on AIA Engineering

AIA Engineering (AIA) is India’s largest manufacturer and supplier of high chrome wear, corrosion and abrasion resistance castings used in cement, mining and thermal power plants (or mills). Products includes tube mill internals (grinding media, shell liners, diaphragm), HRCS castings & crusher parts for cement, mining and power Second largest hi-chrome producer in the world

Outlook

We remain long term positive and retain our BUY rating on the stock. We value AIA at Rs 2230 i.e. 31x P/E on FY23E EPS