India's TARC hits record high as Ambit Capital initiates with 'buy'

Tarc

03/07/2024 07:44

** Shares of real estate developer TARC  TART.NS  rise as much as 4.2% to
216.69 rupees, hitting a record high 
    ** Ambit Capital initiates coverage on stock with "buy" rating and price
target of 325 rupees
        ** PT is a 56% premium to last closing price and 50% premium to the
record high
    ** Broker notes TARC partnering with contractors like Arabian Construction
and leveraging land holdings of over 500 acres in National Capital Region will
deliver it superior margins, potential debt retirement by FY26
    ** Expects TARC's project launches worth more than 150 billion rupees over
FY25-27, project additions and delivery of projects to drive re-rating
    ** Trade vol at 2.35 mln shares, compared to 30-day avg of 1.6 mln
    ** Stock last up 3.7%, pushing YTD gains to 58.7%

 (Reporting by Anisha Ajith in Bengaluru)
 ((anisha.ajith@thomsonreuters.com;))