India's Astral up after Anand Rathi reiterates buy rating

Astral

29/03/2023 07:56

** Shares of pipe-maker Astral Ltd  ASTL.NS  rise as much as
2.5% to 1,333.2 rupees
    ** Stock set to snap four straight sessions of losses, if
gains hold 
    ** Domestic brokerage Anand Rathi reiterated "buy" on
Tuesday after market hours, citing bright demand outlook
    ** PT at 1,810 rupees, implied upside of ~36% from last
close of 1,334 rupees
    ** Plumbing business on strong footing, faucets and
sanitaryware business being scaled up, says Anand Rathi
    ** Co expects to double revenue every five years, implying
average annual growth rate of 15%
    ** Brokerage cuts earnings estimates for FY23, FY24 and FY25
to account for pricing environment and recent slide in demand
    ** Identifies raw material availability, competitive
intensity and stability in prices as key risks   
    ** ~167,000 shares change hands by 11:55 a.m. IS vs 30-day
avg of 436,159 shares
    ** Nine of 21 analysts have "buy" or "strong buy" rating,
seven have "hold" while five rate it at "sell" or "strong sell";
median PT is 1,626 rupees - Refinitiv data


 (Reporting by Anuran Sadhu in Bengaluru)
 ((Anuran.Sadhu@thomsonreuters.com ;))