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Last Updated : Jul 31, 2017 02:41 PM IST | Source: Moneycontrol.com

Buy Grindwell Norton; target of Rs 500: ICICI Direct

ICICI Direct has recommended Buy rating on Grindwell Norton with a target price of Rs 500 in its research report dated July 27, 2017.

 
 
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ICICI Direct's research report on Grindwell Norton

Grindwell Norton’s (GNL) reported Q1FY18 results, which were below our estimates. This was mostly on account of weak growth of 2.6% YoY in the abrasives segment (our estimate 10% YoY). The abrasives segment contributed 64% of top line, while the Ceramics & Plastics segment contributed 28% to the topline.


Outlook

Accordingly, we value GNL at 35 x FY19E earnings to arrive at a target  price of Rs  500 and continue to retain BUY recommendation on the stock.

For all recommendations report, click here


Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.




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First Published on Jul 31, 2017 02:41 pm
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