India's Syrma SGS Technology extends gains, eyes best day in 5 mths

Syrma SGS Technology

29/10/2024 07:28

** Shares of Syrma SGS Technology  SYRM.NS  gain 12.5% to
486 rupees, eye best day since late May
    ** Stock closed 13.9% higher in previous session on posting
30% Y/Y rise in Q2 consol profit after tax 
    ** BOB Capital Markets hikes TP on stock to 480 rupees from
450 rupees, 11% premium to last close; keeps "hold" 
    ** Says co's auto and healthcare business, which led growth
in Q2, will drive future growth 
    ** Motilal Oswal expects recovery in margins to continue,
fuelled by higher exports, design and manufacturing businesses 
        ** Co faces margin challenges as consumer segment, which
comprises 35%-38% of topline, operates with lower margins,
according to BOB Capital; management aims to lower this
segment's share 
  
    ** Analysts' rating on stock "buy", median PT 510 rupees -
LSEG data 
    ** Stock down ~27% YTD 
    

 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))