India's Mrs. Bectors jumps to 2-yr high on Equirus' coverage initiation

Mrs. Bectors Food Specialities

17/04/2023 07:27

** Shares of Mrs. Bectors Food  MRSB.NS  rise as much as
3.41% to 593 rupees, highest since December 28, 2020
    ** Rise comes after domestic brokerage Equirus Securities
initiates coverage on the food products maker, with a "long"
rating and a PT of 705 rupees, an implied upside of 23%
    ** Domestic business growth to be driven by distribution
expansion and new launches, says Equirus
    ** Expects MRSB to see margin expansion aided by focus on
premiumisation in domestic biscuits and bakery segments
    ** Expects sales to witness 24% CAGR growth over FY2022-25
    ** Improving net realisations, operating leverage to aid
core profit: Equirus
    ** Trading volume is 330,828 shares as of 11:50 a.m. IST,
1.4x the 30-day avg of 237,320 shares - Refinitiv data
    ** Of the five analysts tracking MRSB, four maintain "buy"
and one suggests "hold"; median TP is 617 rupees




 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))