Buy India Glycol with a target of Rs 177: Agarwal

Buy India Glycol with a target of Rs 177, says Rajesh Agarwal, Head of Research at Eastern Financiers.

Agarwal told CNBC-TV18, "One can buy India Glycol with a stop loss of 140 and a target of Rs 177. This company manufactures a ethylene glycol. The performance was pretty bad in the last few quarters but the last quarter, in the March quarter, the company had shown a turnaround; reported a 52% jump in PAT and we expect this performance to continue at least for next 3-4 quarters."
He further added, "The margins have also shown improvement even on valuation parameter trading at price to book of less than 1, so we think there is lot of scope of appreciation in this stock."