Nuvama initiates coverage on India's TCPL Packaging, shares at 1-1/2-month high

TCPL Packaging

12/07/2023 08:59

** Shares of India's TCPL Packaging  TCPL.NS  rise as much
as 8.35% to 1571.50 rupees, their steepest intraday climb since
May 2
    ** Co stock hits highest level since May 30 after brokerage
Nuvama initiates coverage with "buy" rating, TP of 2,209 rupees
implying a 52% upside 
    ** Nuvama says co's long-standing relationship with clients
to drive up wallet share 
    ** The rating house expects new customer addition and
geographic expansion to aid growth in co's export market 
    ** Over FY23-25, we expect core profit margins to remain
steady at 16% - note 
    ** TCPL shares trading above 50-day, 100-day and 200-day
simple moving averages 
    ** More than 81,680 shares change hands, 3.4x the 30-day avg
    ** Stock sees its busiest day since June 21 
    ** TCPL stock up 0.3% so far this year 

 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com;))