Buy ccl products (india) Ltd Target Rs.390 - Religare Broking
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CCL Products (India) Ltd.
* CCL Products was founded in the year 1994 with the vision of creating only the finest and the richest coffee in the world. It is India’s largest manufacturer and exporter of instant coffee. Its state of the art manufacturing plant is located at Duggirala Mandal, Guntur District, Andhra Pradesh, India, with a current combined capacity of 35,000 MTs, per annum. Its strong infrastructural backbone and a global client repertoire in over 90 countries have led the company to evolve into the largest instant coffee exporter in private labelling in the world.
* CCL has built a strong business model which is hard to replicate. Its rich experience and expertise lies in making consistent coffee blends which has resulted in long standing relationships with its clients.
* The company’s India operation has been witnessing challenges however we expect it to return to normalcy in the medium term and expect strong growth momentum to continue for Vietnam operations.
Technical Outlook
* CCL has had a roller coaster ride in the initial five years (2004-2009) after the listing as it oscillated from a single-digit mark to 50+ zone and again to its record low during that phase.
* It recovered gradually from that zone but gained the actual momentum in 2013 and rose almost vertically from 40 to 235+ in next two years. After the marginal pullback, it resumed the uptrend and formed a new record high at 350+ zone in March 2017.
* After the phenomenal rally, it initially consolidated in a narrow range but slid sharply lower in 2020 in line with the broader market correction. However, its rebound was equally sharp, followed by consolidation again within 220-280 zone.
* It has witnessed a fresh breakout of late from that range and looks all set to retest its record high in near future. We thus advise accumulating within 290-310 levels with the close below stop loss of 260 for the target of 390.
Technical Chart (Monthly)
Buy CCL Products Ltd : Accumulation Range 290-310 CMP 306.60 Target 390 Stop Loss 260 Time Horizon 2-3 Months
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