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Ahluwalia Shares Surge As IDBI Capital Initiates Coverage With “Buy” Rating

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Shares of Ahluwalia Contracts (India) Ltd. surged the most since July 12, after IDBI Capital initiated coverage with ‘buy’ rating.

Terming the company a “cash flow machine”, the brokerage said, Ahluwalia Contracts will close the current financial year with the “highest ever” annual order inflow, which stands at Rs 40 crore year-to-date.

IDBI Capital has set a target price of Rs 650 apiece for the company, implying an upside of 50%. About 29% of analysts have changed their price targets on the stock in the last one-month, according to Bloomberg data.

Shares of the company rose 5.63% to Rs 458 as of 1:40 p.m., compared with a 0.20% loss in the benchmark Nifty 50. The total traded volume so far today was 1.4 times its 30-day average volume.

Out of the 10 analysts tracking the stock, nine maintain a “buy” rating and one suggests “hold”, according to Bloomberg data.



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