India's KEI Industries gains; UBS starts with 'Buy'

KEI Industries

20/08/2024 06:40

** Shares of KEI Industries  KEIN.NS  climb ~6% to 4,630
rupees
    ** Brokerage UBS initiates coverage on cables maker with
"buy" and PT of 6,150 rupees, a Street-high per LSEG
    ** KEIN, which has highest presence in high-voltage wires
segment (above 220kV), offers multiple near-term triggers such
as sustained growth in domestic cable and wires segment, exports
ramp up, says UBS
    ** UBS also started coverage on rival Polycab  POLC.NS  with
"buy", citing growth opportunities in domestic cables and wires
segment
    ** KEIN also has option to enter into the adjacent
electrical segment which includes switches and switchgears - UBS
    ** Analysts' avg rating on KEIN, POLC at "buy", while
Havells  HVEL.NS  rated "hold" - LSEG data
    ** KEIN's 40% YTD climb highest among rivals POLC (22%) and
HVEL (~38%)
    

 (Reporting by Kashish Tandon in Bengaluru)
 ((kashish.tandon@thomsonreuters.com))