India's Prine Pipes up 2.6%; ICICI Securities maintains "buy"

Prince Pipes and Fittings

03/04/2023 06:39

** Shares of plastic pipes manufacturer Prine Pipes and
Fittings Ltd  PRCE.NS  up as much as 2.6% to 556.75 rupees,
their biggest intraday pct gain since March 20
    ** Stock on track for a third consecutive session of gains,
if trends hold
    ** Brokerage ICICI Securities maintains "buy" rating with a
revised TP of 707 rupees
    ** Management expects revival in demand for agri pipes from
Apr'23, resulting in higher Q1 FY24 growth after seeing a
delayed demand due to higher channel inventory buildup in
Jan-Feb '23, said analysts from ICICI securities in a note
    ** Adds, operating margins should normalise in Q4FY23 as
polyvinyl chloride prices were stable after a turbulent 9MFY23
    ** Adds, management has guided for 12%-15% operating margins
to be sustainable in pipe business over long term 
    ** Eight of 9 analysts have "buy" or "strong buy" rating,
one rates it "hold"; median PT is 710 rupees - Refinitiv data
    

 (Reporting by Navamya Ganesh Acharya in Bengaluru)
 ((Navamya.GaneshAcharya@thomsonreuters.com; +91 8805175330 ;))