India's Indo Count rises on improving growth prospects

Indo Count Industries

21/02/2023 08:22

** Shares of bedding provider Indo Count Industries
 ICNT.NS  rise as much as 3.1% to 134.9 rupees, highest since
Feb. 6
    ** Stock set to rise for second straight session
    ** Brokerage Julius Baer raises PT and keeps "buy" rating on
the stock despite weak Q3 results and adverse near-term impact
on earnings due to demand slowdown
    ** But says ICNT's medium-term growth prospects remain solid
due to increasing volumes on capacity expansion, GHCL Ltd's
 GHCH.NS  acquired assets, higher share of value-added products
    ** ICNT spent 1.6 bln rupees out of planned capex of 2.7 bln
rupees in FY2023 on modernisation and addition of spinning
capacity, the capex is expected to aid volumes
    ** Adds Indian textiles should benefit from the China +1
strategy, a possible Free Trade Agreement with the EU
    ** Julius Baer raises ICNT's target price to 180 rupees from
170 rupees, citing "undemanding" valuations
    ** Stock down 2.8% YTD up to last close; fell 46.2% in 2022
 (Reporting by Anuran Sadhu in Bengaluru)
 ((Anuran.Sadhu@thomsonreuters.com ;))