Vijay Kedia portfolio stock: This beaten down sanitaryware share gets a buy rating on pick up in residential housing market; check target prices
Amid pick-up in the residential housing market and from home improvement market, brokerage firm ICICI Securities remain bullish on the stock catering to sanitaryware industry can surge. Ace investor Vijay Kedia too holds a stake in this sanitary ware company.
Amid pick-up in the residential housing market and from home improvement market, brokerage firm ICICI Securities remain bullish on the stock catering to sanitaryware industry can surge. Ace investor Vijay Kedia too holds a stake in this sanitary ware company.
For the quarter ending March 2022, the celebrity investor holds 130,507 shares of Cera Sanitaryware, amounting to one per cent stake in the company. It is one of the two stocks that Kedia added in the recently concluded quarter. Apart from Cera Sanitaryware, the ace investor bought 1,440,000 shares of Affordable Robotic & Automation. This amounts to a 14.2% stake in the industrial equipment maker's firm.
As per the latest corporate filings, Kedia publicly holds 15 stocks, the value of which has been pegged at over Rs 397.5 crore as on June 21, in the quarter ended March.
Meanwhile, as on June 20, shares of Cera Sanitaryware have been trading at a 37% discount from their 52-week high value of Rs 6,430.45. The stock touched a year low of Rs 3,518.60 on May 10 this year.
Saying the demand environment remains healthy, ICICI Securities maintained a buy rating with a target price of Rs 5,592. On Monday's closing price of Rs 4042, an upside of 38% is seen in the stock in one year.
Cera Sanitaryware has a strong net-cash balance sheet with healthy growth prospects led by an uptick in housing market and increased demand from home improvement market, it said.
"We continue to like the company for its comprehensive product portfolio, wide distribution reach and strong brand presence," the brokerage added.
The company had reported a 6.5% YoY decline in Q4FY22 consolidated revenue to Rs 4.1bn owing to the divestment of its stake in Anjani Tiles and application of Ind AS-105.
Earlier, post q4 results, BoB Capital had said the company is in a sweet spot as it continues to witness growth in its bathroom solutions segment aided by market share gains across the portfolio amid a sizeable shift from the unorganised to organised sector and demand pickup in the housing sector.
In its report on May 11, the brokerage maintained a buy rating with an upgraded target price of Rs 5,715 (earlier Rs 5,590), an upside of 41% on yesterday's closing price.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
PM Modi has invested in this post office scheme; know his total worth as per Lok Sabha elections 2024 affidavit
SRH vs GT IPL 2024 Ticket Booking Online: Where and how to buy SRH vs GT tickets online - Check IPL Match 66 ticket price, other details
Top 7 SWP Mutual Funds: Rs 50 lakh investment, Rs 70K monthly pension for 10 years, and Rs 42.30 lakh balance value; know more details
Gold and Silver rate today (May 13, 2024): Precious metal under pressure; yellow metal near Rs 72,400, white metal above Rs 84,600
SIP Returns: How Rs 3,000, 5,000, and Rs 10,000 SIPs can help you build retirement corpus of Rs 1.06 cr, Rs 1.77 cr, and Rs 3.53 cr
TBO Tek IPO Listing LIVE Update: Bumper Debut! Share list at 55% premium - Buy, sell or hold? Check Anil Singhvi's view
03:30 PM IST