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Balkrishna Industries shares rise 8% to 52-week high: What brokerages said
Balkrishna Industries share price rose after the company posted 87.4% increase in net profit at ₹486.8 crore.
Balkrishna Industries share price: The share of Balkrishna Industries rose 8 per cent to a fresh 52-week today (May 21) as the company reported better-than-expected Q4 earnings. The tyre manufacturer posted 87.4 per cent increase in net profit at ₹486.8 crore as compared to ₹260 crore in the year-ago period. During the same period, revenue growth was at ₹2,682 crore, up 16 per cent compared to ₹2,317 crore from the corresponding quarter last fiscal.
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What Nomura said on Balkrishna Industries stock?
Nomura upgraded its rating on Balkrishna Industries to ‘buy’. The brokerage set a target price of ₹3,230 per share- an upside of around 15 per cent and noted that the firm set to enter a demand upcycle owing to recovery in global peers.
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Balkrishna Industries' strong growth momentum is likely to continue and price hikes will support margins going ahead, the brokerage noted.
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What Motilal Oswal said on Balkrishna Industries stock?
Motilal Oswal said the Balkrishna Industries' performance for the quarter ended March significantly beat its estimate. The brokerage, however, reiterated its neutral rating on the stock with an increased price target of ₹2,535.
