As per media reports, Brokerage firm CLSA has come up with a positive report on the company. CLSA Maintains ‘Buy’ rating on the stock with a Target Price of Rs.265/share. They see that the Cigarette Business is undergoing recovery and expect a volume recovery in the same.
They also hope for margin expansion of the company and see EBIT CAGR of 8% over FY21-24CL. Over Tax increases, they feel it is unlikely to be seen in the upcoming GST council meeting. At CMP, they find the Valuation compelling and rate as a ‘BUY’ on a faster business recovery, the brokerage firm said.
The stock is currently trading at Rs231.35 up by Rs0.6 or 0.26% from its previous closing of Rs230.75 on the BSE. The scrip opened at Rs234.40 and has touched a high and low of Rs237.30 and Rs229.10 respectively.