Buy GNA Axles: target of Rs 720: Sharekhan

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Sharekhan's research report on GNA Axles

Q3FY2022 results were below expectations, marred by weak class-8 truck sales and muted growth in domestic tractors. While remaining positive on the company’s growth prospects in the medium term, we have the built the impact of near-term slowdown in demand and accordingly cut our FY22E and FY23E estimates by 16.2% and 12.3% respectively. The stock is trading below its historical average multiples at P/E of 10.1x and EV/EBITDA of 5.9x of its FY2023 estimates.

Outlook

We maintain our Buy rating on GNA Axles Limited (GNA) with a revised PT of Rs. 720, led by positive CV and farm sector outlook in India and globally.

More Info

At 15:53 hrs GNA Axles was quoting at Rs 590.20, up Rs 32.30, or 5.79 percent.

It has touched an intraday high of Rs 596.00 and an intraday low of Rs 553.00.

It was trading with volumes of 52,444 shares, compared to its thirty day average of 14,568 shares, an increase of 260.00 percent.

In the previous trading session, the share closed up 2.76 percent or Rs 15.00 at Rs 557.90.

The share touched its 52-week high Rs 1,107.35 and 52-week low Rs 339.10 on 14 October, 2021 and 13 April, 2021, respectively.

Currently, it is trading 46.7 percent below its 52-week high and 74.05 percent above its 52-week low.

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