India's Kajaria Ceramics at 8-mnth high as brokerage starts coverage with 'buy'

Kajaria Ceramics

23/05/2023 08:25

** Shares of Kajaria Ceramics Ltd  KAJR.NS  rise as much as
2.12% to an eight-month high of 1,270 rupees
    ** Domestic brokerage firm Motilal Oswal Financial Services
initiates coverage of ceramic tiles maker with a "buy" rating
    ** Target price at 1,490 rupees, implying upside of 20%
    ** Motilal estimates 30% compound annual growth rate in
earnings over FY2023-FY2025
    ** Expects production capacity to rise 8.5% by FY2025; adds,
strong growth levers in place for the company
    ** Rising market share in ceramics industry to aid revenue
growth: Motilal
    ** Of the 26 analysts tracking KAJR, 23 have "buy," three
"hold;" median TP is 1,310 rupees - Refinitiv IBES data
    
     ($1 = 81.7800 Indian rupees)

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))