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We had initiated coverage on Schaeffler India Ltd on April 21, 2020 at a market price of Rs. 3,340 for a target price of Rs 4,845, showcasing an upside of ~45%.

Schaeffler is currently trading at a market price of Rs.4,965, above our target price. Since the stock has breached our target price and yielded our expected return, we advise investors to book profits at current levels and change our rating for Schaeffler India to Neutral.

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