India's Mrs. Bectors rises as Ventura begins coverage with "buy" rating

Mrs. Bectors Food Specialities

22/11/2022 08:19

** Shares of Mrs. Bectors Food Specialities  MRSB.NS  rise
as much as 3.63% to 419.95 rupees, a high since Nov. 11, after
brokerage Ventura Securities starts coverage with "buy" rating 
    ** Brokerage sets 18-month target price of 497 rupees
    ** MRSB has been investing in new capacities and working on
cost optimization to improve its profitability, Ventura analysts
said 
    ** The company, which supplies buns to brands like KFC,
McDonald's and Subway, is in a high growth phase and the steep
valuation discount to industry peers is unwarranted - Ventura
    ** Brokerage says Mrs. Bectors upcoming Dhar facility will
cater to southern and western India, which will free co's
northern facilities to focus on north India and the export
market
    ** Co had reported a 21.13% rise in Q2 profit early this
month
    ** More than 245,000 shares change hands by 0750 GMT, 1.2x
30-day avg of 200,675 shares
    ** All 4 analysts covering the stock have a "buy" or "strong
buy" rating; median PT is 427.50 rupees - Refinitiv data
    ** Stock up 6.11% YTD as of last close
 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))