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    Buy Carborundum Universal, target price Rs 285: IIFL

    Synopsis

    Carborundum Universal Ltd., incorporated in the year 1954, is a Mid Cap company (having a market cap of Rs 5137.81 Crore) operating in Industrial Consumables sector.

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    Promoters held 42.1 per cent stake in the company as of June 30, 2020, while FIIs held 6.6 per cent, DIIs 28 and public and others 23.4 per cent.
    IIFL has given a buy rating to Carborundum Universal with a target price of Rs 285. The share price moved up by 0.72 per cent from its previous close of Rs 269.10. The stock’s last traded price is Rs 271.05.

    Carborundum Universal Ltd., incorporated in the year 1954, is a Mid Cap company (having a market cap of Rs 5137.81 Crore) operating in Industrial Consumables sector.

    Financials
    For the quarter ended 30-06-2020, the company reported a Consolidated sales of Rs 443.80 Crore, down 24.27 % from last quarter Sales of Rs 586.02 Crore and down 33.12 % from last year same quarter Sales of Rs 663.58 Crore. The Company reported net profit after tax of Rs 18.39 Crore in latest quarter.

    Investment Rationale
    The brokerage said that the stock has given a bullish price breakout above its 200 DEMA on the daily chart

    Promoter/FII Holdings
    Promoters held 42.1 per cent stake in the company as of June 30, 2020, while FIIs held 6.6 per cent, DIIs 28 and public and others 23.4 per cent.



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    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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