India's Pricol surges on hopes of earnings growth; stock in overbought zone

Pricol

30/08/2023 07:45

** Shares of Pricol  PRCO.NS  rise as much as 4.48% to a
record high of 339.30 rupees
    ** Brokerage Emkay Global says co a potential beneficiary of
recovery in two-wheelers' segment and premiumisation in auto
industry
    ** PRCO aims to double revenue by fiscal 2026 from 19.3 bln
rupees in fiscal 2023
    ** Strong capabilities in electronics and software segments
to position firm for robust growth - Emkay 
    ** Sees margin expanding on easing chip supplies  
    ** Emkay expects PRCO to deliver 30% earnings per share CAGR
over fiscal 2023-2026
    ** Relative strength index above 70 since Aug 28, suggesting
stock is overbought - Refinitiv data
    ** Stock up ~77% in 2023  

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