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Buy Carborundum Universal; target of Rs 952: Sharekhan

Sharekhan is bullish on Carborundum Universal has recommended buy rating on the stock with a target price of Rs 952 in its research report dated July 05, 2022.

July 06, 2022 / 03:09 PM IST
 
 
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Sharekhan's research report on Carborundum Universal


We had an interaction with Carborundum Universal Limited’s (CUMI)’s CFO Mr. Padmanabhan. He indicated that demand outlook continues to remain healthy despite a challenging environment. Performance of the Russian subsidiary is satisfactory amid global headwinds. China+1 strategy has helped the company gain market share in abrasives and has strengthened its position in domestic and export markets. The company’s long-term growth is expected to be aided by new products, domestic capacity expansion, and benefits accruing from recent acquisitions. However, in the coming quarters, growth normalisation could be seen given higher base of the previous year.



Outlook


We retain our Buy rating on the stock with an unchanged PT of Rs. 952, given promising long-term outlook and transient headwinds.

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At 15:06 hrs Carborundum Universal was quoting at Rs 748.70, up Rs 2.05, or 0.27 percent.


It has touched an intraday high of Rs 757.30 and an intraday low of Rs 737.60.


It was trading with volumes of 3,539 shares, compared to its thirty day average of 6,668 shares, a decrease of -46.93 percent.


In the previous trading session, the share closed up 1.49 percent or Rs 10.95 at Rs 746.65.


The share touched its 52-week high Rs 1,033.95 and 52-week low Rs 615.70 on 03 January, 2022 and 07 July, 2021, respectively.


Currently, it is trading 27.59 percent below its 52-week high and 21.6 percent above its 52-week low.


Market capitalisation stands at Rs 14,216.27 crore.


For all recommendations report, click here


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Carborundum Universal - 060722 - khan

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first published: Jul 6, 2022 03:09 pm
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