India's Harsha Engineers hits record pct gain on bullish growth view

JM Financial

05/04/2023 08:02

** Shares of Harsha Engineers International Ltd  HRSH.NS  rise
as much as 8.1% to 364.4 rupees, hitting a record pct gain 
    ** JM Financial initiates coverage of Harsha Engineers with
a 'buy' rating and TP of 430 rupees    
    ** Brokerage expects co to deliver a 'healthy' 14-16% return
on invested capital, led by a turnaround in profitability of
overseas units
    ** Adds, the co is projected to grow revenue and EPS CAGR of
12% and 28%, respectively, over FY22-25 due to increased
outsourcing by major bearing players and shift of manufacturing
lines to India from high-cost countries.
    ** With the investment in bronze bushings and steel
stamping, co expanded its product portfolio and geographic
presence in Japan - JM Financial
    ** Stock on track for a third consecutive session of gains,
if trend holds
    ** About 165,200 shares traded by 12:04 p.m. IST, vs 30-day
avg of 144,627 shares
    ** As of last close, stock down ~12% so far this year 



 (Reporting by Navamya Ganesh Acharya in Bengaluru)
 ((Navamya.GaneshAcharya@thomsonreuters.com; +91 8805175330 ;))