Neutral Tide Water Oil India Ltd For Target Rs.5,902 - Sushil Finance
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We had released our re-instating coverage report on Tide Water Oil Company Ltd. with a Buy rating on February 17, 2020 at Rs.4,985 for a target price of Rs.5,902. Subsequently, the target price was reduced to Rs.5,464 in our Q1 FY21 result update dated August 21, 2020. In our Q2 FY21 Result Update, we had recommended a BUY for the target price of Rs.5,454 at the then prevailing price of Rs.4,437.
With the recent run-up in the share price triggered by announcement of consideration of bonus and split (meeting scheduled on June 10, 2021), the stock trades our initial target price and substantially above our target price in previous update. Hence, we advise our investors to book profits at CMP as we close our recommendation on the stock and change our rating to NEUTRAL.
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