India's Harsha Engineers rises after brokerage initiates coverage with 'buy'

Harsha Engineers International

28/02/2023 07:41

** Shares of Harsha Engineers International  HRSH.NS  climb
as much as 5.61% to 343.50 rupees, their biggest intraday gain
in nearly four months
    ** Shares of the precision bearing cages maker jump after
Prabhudas Lilladher initiates coverage with a "buy" rating
    ** Target price is set at 439 rupees, an implied upside of
35% over the last close of 325 rupees
    ** Harsha is well-placed for long-term growth due to its
leadership in global organised bearing cages market, expertise
in customised precision engineering and rising share of higher
value products in the mix: Prabhudas Lilladher
    ** Expect HRSH to log average annual growth in profit after
tax of 25.5% over FY2022-25: Prabhudas Lilladher
    ** HRSH has repaid bulk of its debt and invested in
renewable plants for energy needs, says the domestic brokerage
firm  
    ** Adds measures could lead to energy cost saving of 180 mln
rupees-190 mln rupees annually, aiding margin expansion from
FY23
    ** About 383,232 shares change hands, nearly quadruple the
30-day avg of 101,916 shares - Refinitiv data

    


 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; Mobile:
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