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Accumulate AIA Engineering; target of Rs 2089: CD Equisearch

CD Equisearch recommended accumulate rating on AIA Engineering with a target price of Rs 2089 in its research report dated January 10, 2022.

February 25, 2022 / 03:57 PM IST
 
 
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CD Equisearch's research report on AIA Engineering


AIA Engineering is engaged in designing, development and manufacturing of grinding media, liners, diaphragms and vertical mill parts which finds application in grinding and crushing operations in mining, cement and thermal power generation. With easing of some travel restrictions and lifting of consumer sentiment, AIA Engineering saw improvement in volumes which grew by 14.5% to 69064 tons in Q2 when compared 60318 tons in Q1; though yoy growth flat lined (growth a shade under 1%). Mining business accounted for much of this rise (up +30.7%) while other businesses slackened. Propelled by price hikes - accentuated by high raw material prices - revenues grew by 19.2% to Rs 885.17 crs in Q2 compared to Rs 742.32 crs in the same quarter a year ago.


Outlook


Weighing odds, we assign accumulate rating on the stock with revise target of Rs 2089 (previous target: Rs 2295) based on 30x FY23e earnings over a period of 6-9 months. For more info refer to our March report.


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At 16:00 hrs AIA Engineering was quoting at Rs 1,833.30, up Rs 1.20, or 0.07 percent.


It has touched an intraday high of Rs 1,880.10 and an intraday low of Rs 1,822.15.


It was trading with volumes of 666 shares, compared to its thirty day average of 751 shares, a decrease of -11.27 percent.


In the previous trading session, the share closed up 0.08 percent or Rs 1.50 at Rs 1,832.10.


The share touched its 52-week high Rs 2,224.40 and 52-week low Rs 1,751.05 on 21 January, 2021 and 24 February, 2021, respectively.


Currently, it is trading 17.58 percent below its 52-week high and 4.7 percent above its 52-week low.


Market capitalisation stands at Rs 17,291.75 crore.


For all recommendations report, click here


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first published: Jan 10, 2022 04:12 pm
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