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    HomeNewsBusinessStocksBuy Grindwell Norton; target of Rs 390: ICICI Direct

    Buy Grindwell Norton; target of Rs 390: ICICI Direct

    ICICI Direct is bullish on Grindwell Norton has recommended buy rating on the stock with a target price of Rs 390 in its research report dated February 03, 2017.

    February 03, 2017 / 16:22 IST
       
       
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      ICICI Direct's research report on Grindwell Norton

      The ceramics and plastics division (forming 25% of topline) has grown at 6.6% CAGR in FY12-FY16, mainly led by the introduction of new products in the performance plastics (PPL) division and the new facility in the high performance refractory (HPR) division. Going ahead, segment revenues would be driven by increased HPR exports from the Halol facility & introduction of new products in the PPL division.

      OutlookWith a strong balance sheet and near nil debt, we believe GNL will continue to command premium valuations, going forward. We value the company at 27x FY19E earnings (30x FY18E earlier) to arrive at a target price of Rs 390. We maintain our BUY recommendation on the stock.
      For all recommendations, 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: Feb 3, 2017 04:22 pm

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