India's Greenply Industries climbs over 7% on hopes of sales surge

Greenply Industries

08/03/2023 09:02

** Shares of Greenply Industries  GRPL.NS  rises as much as
7.28% to 148.80 rupees, most intraday gain in nearly a year
    ** Domestic brokerage IDBI Capital initiates coverage on co
on Monday, with a "buy" rating and PT of 171 rupees, ~25% higher
than Friday's close of 136.90 rupees
    ** GRPL closed at 138.70 rupees on Monday
    ** Co on the verge of commissioning a 240,000 cubic meter
medium-density fibreboard plant in Vadodara, Gujarat, says IDBI
Capital; adds sales to grow at a compound average growth rate of
18% over FY2023-25
    ** Co's free cashflows to remain strong, net debt to fall
sharply over FY2023-25 - IDBI Capital
    ** Trading volume is ~503,000 shares as of 2:11 p.m. IST,
nearly six times the 30-day avg - Refinitiv data
    ** Nine analysts tracking stock rate it 'buy' or 'strong
buy', one 'hold;' median PT is 220 rupees - Refinitiv data

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