India's Kirloskar Oil climbs to 4-year high, gains 25% this week

JM Financial

17/11/2022 09:13

** Shares of Kirloskar Oil Engines  KIRO.NS  jump nearly 7%
to over 50-month high of 344 rupees  
    ** Stock rose 9.5% to 321.9 rupees on Wednesday and has
gained more than 25% this week
    ** More than 1.55 mln shares traded, nearly twice the 30-day
avg of 0.78 mln
    ** The relative strength index of the stock is 73,
suggesting it may be overbought, according to Refinitiv 
    ** Uptick comes after company, which makes engines,
generating sets, pump sets and power tillers, reported quarterly
results over the weekend
    ** Consolidated revenue from operations was 12.28 bln rupees
($151.01 mln), up 22.63% y-o-y, and net profit nearly doubled to
838 mln rupees
    ** In a note on Monday, JM Financial said company could
clock Compound Annual Growth Rate of 15% in standalone sales and
34% in Earnings Before Interest, Tax, Depreciation and
Amortisation over FY22-25, citing potential market share gains,
export opportunities in Middle East, Africa and in developed
nations and ramp up of new products
    ** KIRO shares up 82.60% YTD, as of last close
    ($1 = 81.5200 Indian rupees)
 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com))