India's Stylam Industries hits record high; Equirus starts with 'long'

Stylam Industries

08/07/2024 10:42

** Shares of laminates maker Stylam Industries  STYL.NS 
rise as much as 6.6% to record high of 2,090 rupees
    ** Equirus Secutities initiates stock with "long" rating and
PT of 2,489 rupees – second-highest on Street
    ** Brokerage likes STYL's domestic and exports growth over
last 7 years; expects revenue and PAT to rise at compounded
growth rate of 18% and 13% for FY24-27 respectively
    ** Highlights STYL's net-debt free status and believes
upcoming laminates plant and entry into new markets will help it
bolster exports
    ** Export will continue to form about two-thirds of STYL's
rev - Equirus
    ** Avg recommendation of five analysts excluding Equirus is
a "buy" - LSEG data
    ** Stock last up 5%, extending YTD gains to ~20%
    ** STYL outperforms Greenlam Industries'  GEEN.NS  10% rise
and Century Plyboards'  CNTP.NS  5% fall

 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))