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We had released our re-instating coverage report on Alicon Castalloy Ltd. with a Buy rating on July 30, 2019 at Rs.395 for a target price of Rs.657 showcasing an upside of ~66%. Subsequently, the target price was increased to Rs.666 in our Q3 FY20 result update dated February 01, 2020. Further, on July 02, 2021, we had changed our rating from BUY to HOLD as the stock price breached our target price.

With the recent run-up in the share price, we advise our investors to book profits at current levels as we close our recommendation on the stock and change our rating to NEUTRAL.

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