India's KEI Industries up after HSBC hikes PT

KEI Industries

08/10/2024 08:24

** Shares of wires and cables maker KEI Industries Ltd
 KEIN.NS  rise as much as 2.2% to 4,198.30 rupees
    ** HSBC hikes PT to 4,350 rupees from 4,000 rupees,
maintains 'hold' rating; new PT is 5.6% higher than last close
    ** Expect 18% y/y growth in rev, driven by both retail and
institutional business for Q2 FY25 - HSBC
    ** Adds, expect 18% y/y growth in PAT and 19% in earnings
before interest, tax, depreciation, and amortisation for Q2 FY25
    ** Raise FY25-27 rev forecasts by 1-2% on higher commodity
price assumptions - HSBC
    ** Mean rating of 15 analysts rating the stock is 'buy';
their median PT is 4,654 rupees; HSBC among 8 brokerages rating
stock 'hold' - LSEG data
    ** KEIN gained 26.6% YTD so far

 (Reporting by Meenakshi Maidas in Bengaluru)
 ((meenakshi.maidas@thomsonreuters.com;))