Shares of Belrise Industries, Prestige Estates Projects and Ashok Leyland rose up to 6 percent in trade on Wednesday after positive commentary from brokerage houses.
Belrise Industries surged nearly 7 percent to an intraday high of Rs 154.94 on the NSE. The rally came after brokerage firm Investec initiated coverage on the auto components maker with a "buy" rating and a target price of Rs 185, implying a potential upside of 29 percent from current levels, reported CNBC-TV-18.
The brokerage said the company, which focuses on two-wheeler ancillary products, is positioned for growth through expansion of OEM tie-ups, rollout of new products and improvement in average selling price via premiumisation.
Shares of Prestige Estates Projects climbed 2.32 percent to Rs 1,662.90. The counter has gained over 6 percent in the past three sessions. Nomura initiated coverage with a "buy" call and a target of Rs 1,900, citing the company’s transformation into a pan-India real estate player with a growing annuity and hotel portfolio.
Ashok Leyland advanced 2.4 percent to an intraday high of Rs 137.77. Brokerage BofA said in a note that new growth drivers are supporting margin expansion and highlighted the company’s performance even during slower cycles.
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