Motilal sees India's Cello taking consumer glassware top spot

La Opala RG

16/04/2024 10:43

** Shares of Cello World Ltd  CELO.NS  up 3.1% at 848.50
rupees
    ** Motilal Oswal maintains "buy" rating on consumerware
company, sees Cello overtaking market leader La Opala R G Ltd
 LAOP.NS  in consumer glassware segment
    ** Glassware is CELO's fastest growing segment and will
likely grow 26% CAGR from FY23-26 led by demand tailwinds,
capacity expansion - Motilal
    ** CELO gets 15% of its revenue from glassware, brokerage
says
    ** Around 366,000 shares traded, 1.2x the 30-day avg volume
    ** All six analysts tracking CELO rate it "buy" or higher;
median PT is 975 rupees - LSEG data
    ** Market leader LAOP has fallen 25% since CELO listed in
November, while CELO is up 2.1% in the same period

 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))