 "Force Motors hits two-month high; gains over 30% in seven days")
Force Motors has moved higher by 9% to Rs 3,075 on the BSE, its highest level since August 5, 2015. The stock of cars & utility vehicles maker has outperformed the market by appreciating 36% in past seven trading sessions from Rs 2,265 on September 28, compared to 4.7% rise in the Sensex.
The trading volumes on the counter more-than-doubled with 460,000 shares changed hands till 13:24 pm against an average 213,000 shares that were traded daily in past two weeks on the BSE.
The broking firm IndiaNivesh Securities initiates ‘BUY’ on the stock with target price of Rs 3,150 as analysts see strong revenue growth visibility from auto component business that will help in overall margin expansion, considering the growth in Luxury car segment.
“It is net debt free company, sitting on cash and cash equivalents of around Rs 290 crore (Rs 220/share) as on 31st March 2015. The company’s net sale is expected to grow at the compound annual growth rate (CAGR) 21% while the company’s profit is expected to grow at CAGR of 43% for FY15?FY17E,” analysts said in a report dated October 5, 2015.
The stock touched a lifetime high of Rs 3,288 on August 5, in intra-day trade, on the BSE.
The trading volumes on the counter more-than-doubled with 460,000 shares changed hands till 13:24 pm against an average 213,000 shares that were traded daily in past two weeks on the BSE.
The broking firm IndiaNivesh Securities initiates ‘BUY’ on the stock with target price of Rs 3,150 as analysts see strong revenue growth visibility from auto component business that will help in overall margin expansion, considering the growth in Luxury car segment.
“It is net debt free company, sitting on cash and cash equivalents of around Rs 290 crore (Rs 220/share) as on 31st March 2015. The company’s net sale is expected to grow at the compound annual growth rate (CAGR) 21% while the company’s profit is expected to grow at CAGR of 43% for FY15?FY17E,” analysts said in a report dated October 5, 2015.
The stock touched a lifetime high of Rs 3,288 on August 5, in intra-day trade, on the BSE.
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