Axis securities limited has released an initiating coverage report in which it has recommended a BUY with a price target of 430 apiece.
The stock shows quite a good technical approach
- The price level of 215 and 221 are its Gann level and is consolidating in that price range for couple of days. historically, it has proven that it gives a good momentum to the stock if it breaks the Gann level.
- The Stock is also moving above 10-day moving average, which indicates some bullishness in the stock.
Fundamentally speaking, in June 2024 Quarter, the stock has performed pretty well, with increase in their Revenues, PAT, and EPS, on QoQ basis.
The company has able to reduce its debtor days drastically by 50% from 74 days to 32 days, in the last 10 years and have also maintained a net cashflow in FY24.
The only concern with the stock is that the Promoters have decreased their holdings in the company by 15% in the last 7 years.
However, FII’s have increased their holdings by 5.82% in the same time frame of 7 years.
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