India's AIA Engineering gains; BOB Capital begins coverage with "buy"

AIA Engineering

21/11/2022 08:54

** Shares of chromium wear, castings maker AIA Engineering
 AIAE.NS  rise as much as 4.9%, highest since Nov. 14
    ** BOB Capital Markets on Monday initiated coverage on co
with "buy" rating and target price of 3,100 rupees
    ** AIAE's single manufacturing base in India enables
relatively cheaper production and competitive product pricing -
BOB Capital analysts said in a note
    ** Business strategy shifting from pricing to value addition
which should buoy market share - analysts
    ** AIAE's wide sales footprint means volume loss in one
region can be offset by other market - BOB Capital 
    ** About 54,900 shares change hands vs 30-day avg of 59,967
    ** 8 out of 12 analysts tracking stock rate it at "buy" or
above, 1 "sell", 3 "hold"; media PT 2,900 rupees
    ** Stock up 42% YTD as of last close
 (Reporting by Nallur Sethuraman in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 8061822737); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))