ICICI Direct's research report on Garware Technical Fibres
Garware Technical Fibres (GTFL) is one of India’s leading players in the technical textiles sector and a major supplier of aquaculture cage nets to the global salmon farming industry (40% market share). GTFL also has a dominant market position in providing solutions to the domestic marine fisheries and a growing presence in sports nets and geosynthetics. • The company has transitioned from being a provider of nets and ropes to Indian fisheries and shipping sector, respectively, to a value added solution provider to its clients across the globe with a presence in 75 countries with exports contributing ~ 63% of revenues • GTFL develops new and innovative products to enable customers to maximise revenues and reduce costs that leads to customer stickiness and steady flow of repeat orders. GTFL has filed 75 patents over the years (granted 23 patents) for various products and continues to provide innovative solutions to its customers.
We initiate coverage under Stock Tales format with a BUY rating. We value GTFL at Rs 3695 i.e. 32x FY24E EPS.
At 15:30 hrs Garware Technical Fibres was quoting at Rs 3,087.75, up Rs 64.90, or 2.15 percent.
It has touched an intraday high of Rs 3,091.20 and an intraday low of Rs 3,030.00.
It was trading with volumes of 227 shares, compared to its thirty day average of 825 shares, a decrease of -72.49 percent.
In the previous trading session, the share closed down 1.69 percent or Rs 51.90 at Rs 3,022.85.
The share touched its 52-week high Rs 4,033.40 and 52-week low Rs 2,611.20 on 18 October, 2021 and 16 March, 2022, respectively.
Currently, it is trading 23.45 percent below its 52-week high and 18.25 percent above its 52-week low.Market capitalisation stands at Rs 6,366.38 crore.
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