India's Gokaldas Exports rises after ICICI Securities initiates coverage

Gokaldas Exports

11/01/2023 04:52

** Shares of Gokaldas Exports  GOKL.NS  rise as much as
3.35% to 382.20 rupees, highest in three weeks
    ** Trading volume is 104,259 shares as of 10:15 a.m. IST,
0.5x the 30-day avg of 219,439 shares
    ** Domestic brokerage firm ICICI Securities initiates
coverage of the apparels firm with a "buy" recommendation and a
PT of 560 rupees per share, an implied upside of 51.35% over
last close
    ** Co well-placed to benefit from improvement in India's
textile and apparel industry, says brokerage, adding free trade
agreements with other countries and incentive schemes will
catalyse growth in textile industry
    ** Co's plans to execute capex of 3.7 bln rupees ($45.25
mln) over FY2022-25 will potentially boost revenue by 8 bln
rupees to 9 bln rupees over FY23-25E
    ** Strong earnings, addition of marquee clients, healthy
order book and ramping-up of newly commissioned units bode well
for Gokaldas Exports: ICICI Sec
    ** Four out of 5 analysts tracking the company maintain
"buy". One suggests "hold"; median TP at 533 rupees
($1 = 81.7700 Indian rupees)
 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; Mobile:
+919769003463))