Kennametal India up as Haitong Securities starts with top rating

Kennametal India

13/04/2023 08:31

** Kennametal India Ltd (KIL)  KENI.NS  up ~2% at 2,268.45
rupees
    ** Haitong Securities India starts coverage with
"outperform" and PT of 2,779 rupees, becoming first brokerage to
cover the stock - Refinitiv data
    ** Haitong Securities says KIL growth rate likely to rise as
manufacturing in aerospace, defence, railways continues to take
shape in India
    ** Says with parent Kennametal Inc  KMT.N  a Tier-1 supplier
to Boeing, Airbus and gaining market share, KIL will be able to
diversify customer base in medium to long term
    ** Says trend towards automation to further propel growth
prospects, especially in machining solutions (CNC) segment
    ** Says machine business likely to grow at 23% CAGR over
FY23E-25E as China economy opens up
    ** KIL stock is up ~2% YTD, while parent KMT is up 11.6%

 (Reporting by Anisha Ajith in Bengaluru)
 ((anisha.ajith@thomsonreuters.com;))