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Buy Astral; target of Rs 2300: Sharekhan

Sharekhan is bullish on Astral has recommended buy rating on the stock with a target price of Rs 2300 in its research report dated August 12, 2022.

August 16, 2022 / 01:41 PM IST
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Rama Steel Tubes: Nomura Singapore buys 1 lakh shares in Rama Steel Tubes. Nomura Singapore bought 1 lakh equity shares in the company via open market transactions on June 15. These shares were acquired at an average price of Rs 371 per share.

 
 
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Sharekhan's research report on Astral


In Q1, the company reported higher than expected revenues although OPM disappointed due to inventory losses & spends on faucets & sanitaryware. Net profit lagged owing to forex losses & amortisation related to paints business. Q2 may see margin pressures continuing in pipes, led by declining PVC prices. However, expected stabilising of PVC prices in H2FY2023 would lift demand. Its new businesses viz. plastic tanks, Valves, Paints, faucets and sanitaryware would provide a sustainable growth trajectory going ahead.



Outlook


We retain a Buy on Astral Limited (Astral) with a revised price target of Rs. 2300 owing to strong growth potential in its existing and new businesses.

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Astral - 140822 - khan

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first published: Aug 16, 2022 01:41 pm
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