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We had initiated coverage on Everest Industries Ltd. (EIL) with a Buy rating on September 25, 2019 at Rs.346 for a target price of Rs.437 showcasing an upside of ~26%. Subsequently, we lowered our target price to Rs.320 during our Q4 FY20 result update at the then prevailing price of Rs.202 showcasing an upside potential of 58.4%. The rating was changed to HOLD during December, 2020.

With the recent run-up in the share price the stock has met our initial target price. 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.

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