'Last man standing' Shriram Pistons surges as Emkay starts with 'buy'

SPR Auto Technologies

14/03/2024 08:42

** India's Shriram Pistons & Rings  SHIE.NS  surges ~12%,
set for its biggest one-day jump since mid-2017 listing
    ** Emkay Global starts coverage of the auto parts maker with
"buy", becoming the first brokerage to cover SHIE, per LSEG data
    ** Sets PT of 2,450 rupees, upside of 70% over last close
and vs current price of 1,614.55 rupees
    ** Emkay says curtailment of fresh investments in ICE parts
globally, export tailwinds for India provide room for SHIE to
grow as "the last man standing" in its domain
    ** Broker notes SHIE has ~40-45% market share in ICE and
over 90% in CNG; Expects EV products, powertrain-agnostic parts
at ~10% of FY26 sales
    ** Stock up ~11% YTD; had risen 37-40% in 2021, 2022 before
rocketing 154% last year

 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))