India's JK Tyre up; Emkay initiates co with "buy", TP of 415 rupees

JK Tyre & Industries

11/10/2023 07:34

** Shares of India's JK Tyre  JKIN.NS  rise as much as 7.7%
to 272.30 rupees
    ** Emkay Global analysts initiated coverage on tyre maker
with "buy" and 12 month target price (TP) of 415 rupees, a 44%
premium from current price of 286.65 rupees
    ** Says JKIN has been outperforming peers over past 12 qtrs,
 
    ** Better competitive standing, premiumization efforts, cost
controls to drive FY26 margins to 14% from 12% in Q1 - brokerage
    ** Says JKIN's stock price can potentially double over 3
years 
    ** About 2.3 mln shares change hands as of 11:33 a.m. IST,
2x 30-day avg
    ** YTD JKIN shares up 57%, outperforming 13% gains in Nifty
500 index  .NIFTY500 

 (Reporting by Sethuraman NR in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 8061822737); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))