India's Kajaria Ceramics rises; Jefferies starts coverage with 'buy'

Kajaria Ceramics

02/05/2019 06:38

** Shares of ceramics manufacturing company Kajaria Ceramics
Ltd  KAJR.NS  rise as much as 3.6 pct to 616.45 rupees, in their
biggest intraday pct gain since March 29
    ** Jefferies initiates coverage with "buy" rating and TP of
730 rupees
    ** Kajaria has bounced from its Sept 18 lows, aided by
improving profit - Jefferies
    ** Jefferies says co is poised to benefit the most from a
fillip to organised volumes, courtesy tightening compliance and
the recent ban on coal gasifiers in Gujarat, which should shrink
the price differential with unbranded players
    ** Brokerage says declining gas prices act as a near term
catalyst for co's margins 
    ** Around 230,577 shares change hands at 0531 GMT compared
with the 30-day average of about 375,208 shares
    ** Up to Tuesday's close, stock had risen 20.7 pct this year

 ((harish.bhaskar.thomsonreuters.com@reuters.net))