CIE Automotive India gains as ICICI Direct sees re-rating potential

CIE Automotive India

23/08/2023 09:51

** Shares of CIE Automotive India  CIEA.NS  rise as much as
4.98% to 520.95 rupees, a one-month high
    ** Brokerage ICICI Direct starts with "buy" rating on stock,
estimates a potential upside of 26% in next 12 months, driven by
strong domestic growth potential and export focus
    ** Automotive component supplier's stock is ripe for
re-rating- brokerage
    ** Sees CIEA as potential beneficiary of the electric
vehicles transition
    ** Brokerage terms stock "the high conviction pick" in
mid-cap auto ancillary space
    ** Trading volume at 1.05 mln shares as of 2:07 p.m. IST,
1.2 times the 30-day avg - Refinitiv data

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))