India's Kirloskar Ferrous gains as brokerage upgrades stock, hikes PT

Kirloskar Ferrous Industries

10/09/2024 06:21

** Shares of Kirloskar Ferrous Industries  KRFI.BO  up ~1%
to 685.25 rupees
    ** Monarch Network Capital hikes PT to 750 rupees from 710
rupees, upgrades to "accumulate" after roadshow and discussion
with co
    ** Says start of oxygen plant and captive iron ore mine will
improve co's margins from Q3 of FY25
    ** Expects co to offset commodity prices related headwinds
on strong offtake and cost savings from FY25 H2
    ** Sees captive power offsetting challenges in tubes
business caused by higher low-cost imports
    ** Two other brokerages rate stock "buy"; their median PT
747.50 rupees - LSEG
    ** Including session's gains, KRFI up ~24% YTD
    

 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))