Joindre Capital Services is bullish on Varroc Engineering has recommended buy rating on the stock with a target price of Rs 1050 in its research report dated December 21, 2018.
Joindre Capital Services' research report on Varroc Engineering
Varroc Engineering Ltd. is a global tier-1 auto components supplier engaged in the design, manufacture and supply of auto exterior lighting systems, plastic and polymer components, electricals-electronics components, and precision metallic components used in passenger cars, commercial vehicles, 2-wheelers (2W), 3-wheelers (3W), and off-highway vehicles (OHV) OEMs. Varroc Lighting Systems division is the sixth-largest supplier globally and one of the top three independent exterior lighting suppliers. Varroc’s business consists 1) Global Lighting Business involved in design, manufacture and supply of exterior lighting for passenger cars,with the products sold to OEMs globally; 2) India Business involved in design, manufacture and supply of a variety of auto components to Indian 2W and 3W OEMs; and 3) Other Businesses, which include a manufacturer of hot-steel forged parts for the construction and oil & gas industries in Italy, and a manufacturer of high-end lighting systems for global motorcycle OEMs, with operations in Italy, Romania and Vietnam.
Hence we believe that the VEL stock should be purchased at the current price for a price target of around Rs 1050 over the next 18-24 months.
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