ICICI Direct is bullish on KSB Pumps has recommended buy rating on the stock with a target price of Rs 700 in its research report dated February 21, 2017.
ICICI Direct's research report on KSB Pumps
Union Budget 2017-18 delivered on its expectations with a clear focus on achieving its vision to double farm income by 2022. Total allocation towards agriculture & farmer welfare was increased 16% YoY to Rs 41,855 crore in FY18E.
Hence, we upgrade the stock to BUY. On a consolidated basis, we model sales, PAT CAGR of 11.4%, 19.7%, respectively, in CY16-18E. We value KSB at 26x P/E on CY18E EPS of Rs 26.9 and assign a target price of Rs 700.
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First Published on Feb 22, 2017 01:39 pm