India's Astral Ltd up after bullish outlook by analysts

Astral

18/01/2023 07:50

** Shares of Indian pipe-maker Astral Ltd  ASTL.NS  rise as
much as 2.7% to 2,042.50 rupees after analysts from ICICI
Securities reiterate "buy" rating 
    ** Analysts maintain a TP of 2,295 rupees; say stock
"appears well positioned to gain in immediate near-term as
volumes expected to pick-up in the pipe segment from Q3"
    ** "Margins in both businesses of pipes and adhesives
expected to normalise from Q4FY23 after being under pressure in
first half of FY23"
    ** Around 266,000 shares change hands by 1:00 p.m. IST vs
30-day avg of ~421,800 shares
    ** Nine of the 20 analysts covering the stock have "buy" or
higher rating, seven have "hold" while four rate it at "sell" or
lower; median PT is 2,035 rupees - Refinitiv data
    ** Stock was down nearly 14% last year
 (Reporting by Biplob Kumar Das in Bengaluru)
 ((Biplobkumar.das@thomsonreuters.com))