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


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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