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Domestic brokerage firm Ventura Securities has initiated coverage on Lloyds Engineering Works, giving it a 'buy' rating with a target price of ₹71 per share. The brokerage expects the company's revenues to grow at a CAGR of 47% and its EBITDA and PAT to grow at a CAGR of 59% and 66% respectively.
The list is dominated by capex plays as the impact of the upcycle is being noticed in both earnings as well as share prices. Topping the chart are two rail stocks - Titagarh Rail Systems and Jupiter Wagons - which have been reporting at least a 100% YoY jump in their profits. In the September quarter, Titagarh reported a 107% rise in PAT and 54% sales growth while Jupiter saw its profit rising 233% against 111% growth in sales.
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Lloyds Engineering share price: On the technical front, analysts largely said that the counter looked 'overbought'. Bourses BSE and NSE have put the securities of Lloyds Engineering under the long-term ASM (Additional Surveillance Measure) framework. Exchanges put stocks in short-term or long-term ASM frameworks to caution investors about high volatility in share prices.