Joindre Capital Services is bullish on Nelcast has recommended buy rating on the stock with a target price of Rs 140 in its research report dated May 02, 2018.
Joindre Capital Services' research report on Nelcast
Incorporated in 1982, Nelcast manufactures grey and ductile castings for the M&HCV and tractor industry segments. Nelcasts product profile for the M&HCV segment includes wheel hubs, brake drums, axle housing, shackles and brackets. For the tractor segment, its product profile comprises transmission case, centre housing, rear axle housing and hydraulic lift cover. It also supplies ribbed plates and brake discs used in metro rail projects and railways. Nelcast has an aggregate installed capacity of 150,000 tonne per annum at its two factories at Ponneri, Tamil Nadu and Gudur, Andhra Pradesh.
Outlook
Hence we believe that the Nelcast stock should be purchased at the current price for a price target of around Rs 140 over the next 12 to 18 months.
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