India's Stylam Industries jumps after PhillipCapital initiates coverage

Stylam Industries

24/04/2023 10:19

** Shares of Stylam Industries Ltd  STYL.NS  rise as much as
2.52% to 1,139.10 rupees, highest since Feb. 16
    ** Domestic brokerage firm PhillipCapital initiates coverage
of laminates and solid surface panels maker with "buy" rating
    ** Sets target price of 1,710 rupees, implying an upside of
54% to last close
    ** PhillipCapital expects STYL to see a compounded annual
growth rate of 27% in its exports segment over FY2022-25
    ** Adds co's loyalty programme for dealers will help expand
presence in domestic market
    ** Expects STYL stock to re-rate due to higher earnings
growth, strong cashflow and high return ratio
    ** More than 30,700 STYL shares change hands, as of 2:28
p.m. IST, nearly twice the 30-day avg of 17,817 shares -
Refinitiv data

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