We had initiated coverage on Visaka Industries Ltd. (VIL) with a Buy rating on October 22, 2019 at Rs.299 for a target price of Rs.438 showcasing an upside of ~46.5%. Subsequently, we raised our target price to Rs.450 during our Q3 FY20 result update at the then prevailing price of Rs.262 showcasing an upside potential of 71.8%.
With the recent run-up in the share price the stock has broadly met our target price; the stock made an intraday high of Rs.452 today. Hence, we advise our investors to book profits at current levels as we close our recommendation on the stock and change our rating to NEUTRAL.
At current levels, the stock has generated ~46.8% returns from our initial recommendation in October, 2019 at the then prevailing price of Rs.299.
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