Hold Alicon Castalloy Ltd For Target Rs.657 - Sushil Finance
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. Since then the stock has made a high of Rs.762 in today’s trade. At current levels, the stock has returned ~92% returns from our initial recommendation. With the recent run-up in the share price, our revised Target Price for the stock is achieved. Thus, we change our rating from BUY to HOLD.
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