India's Suprajit Engineering up as Antique Broking initiates with 'buy'

Suprajit Engineering

28/08/2023 08:59

** Antique Stock Broking initiates coverage of Suprajit
Engineering  SUPE.NS  with "buy" rating and PT at 459 rupees - a
~20% premium to its last close
    ** Shares of the automotive component maker up ~2.6% at
392.80 rupees; last trading at 391.25 rupees at 1:26 p.m. IST
    ** "Positive" on co due to recovery in underlying industry,
where SUPE is a market leader in automotive cables - Antique
    ** See huge potential for SUPE in electronics business,
believe it can cross-sell its products to existing customers -
brokerage
    ** Brokerage says expects co to post revenue/EBITDA CAGR of
11%/26% over FY23–25E, significantly outperforming auto OEM
growth
    ** Around 198,000 shares change hands, 0.9x 30-day avg
    ** Avg rating of 7 analysts close to equivalent of "strong
buy", median PT is 439 rupees - Refinitiv
    ** Stock up 18.7% YTD

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