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Buy NRB Bearings; target of Rs 220: ICICI Direct

ICICI Direct is bullish on NRB Bearings recommended buy rating on the stock with a target price of Rs 220 in its research report dated December 29, 2021.

December 29, 2021 / 04:52 PM IST
 
 
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ICICI Direct's research report on NRB Bearings


NRB was incorporated in 1965 as an Indo-French venture and pioneered the production of needle and roller bearings in India. NRB is India’s largest needle and cylindrical roller bearings producer. Today 90% of vehicles on Indian roads run on NRB parts • It exports its products to many countries such as France, Italy, the US, Mexico, Brazil, Thailand and Bangladesh. It has a revenue break-up of 78% from domestic sales and 22% from exports.



Outlook


We remain positive on the stock and maintain BUY rating. We roll over valuations to FY24E and value NRB at Rs 220 i.e. 18x P/E on FY24E EPS.

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first published: Dec 29, 2021 04:52 pm
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