kajaria ceramics share price: Buy Kajaria Ceramics, target price Rs 700: ICICI Securities

ICICI Securities has given a buy rating to Kajaria Ceramics with a target price of Rs 700. The share price moved down by 0.20 per cent from its previous close of Rs 574.65. The stock’s last traded price is Rs 573.50.

Kajaria Ceramics Ltd., incorporated in the year 1985, is a Mid Cap company (having a market cap of Rs 9079.64 Crore) operating in Building Materials sector.

For the quarter ended 30-09-2020, the company reported a Consolidated sales of Rs 712.51 Crore, up 156.70 % from last quarter Sales of Rs 277.56 Crore and down -.30 % from last year same quarter Sales of Rs 714.68 Crore. The Company reported net profit after tax of Rs 89.64 Crore in latest quarter.

Investment Rationale
With pricing and demand headwinds for branded tile players turning their heads around post Covid-19, The brokerage expects KJC’s earnings momentum to sustain in the near term.

Promoter/FII Holdings
Promoters held 47.6 per cent stake in the company as of Sept 30, 2020 while FIIs held 23.6 per cent, DIIs 16.4 per cent and public and others 12.4 per cent.

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