Buy Pidilite Industries, target price Rs 1645: Dharmesh Shah

Dharmesh Shah of ICICI Securities has given buy rating to Pidilite Industries with a target price of Rs 1645. The stock’s last traded price is Rs 1535.90.

Pidilite Industries Ltd., incorporated in the year 1969, is a Large Cap company (having a market cap of Rs 78048.32 Crore) operating in Diversified sector.

Financials
For the quarter ended 30-06-2020, the company reported a Consolidated sales of Rs 877.84 Crore, down 43.17 % from last quarter Sales of Rs 1544.68 Crore and down 56.47 % from last year same quarter Sales of Rs 2016.81 Crore

Investment Rationale
Stock is at the cusp of breakout above the last seven months consolidation range (1530-1310) and MACD in buy mode.

Promoter/FII Holdings
Promoters held 70.2 per cent stake in the company as of June 30, 2020, while FIIs held 11.2 per cent, DIIs 8.1 per cent and public and others 10.5 per cent.