Buy Radico Khaitan, target price Rs 460: ICICI Securities

ICICI Securities has given a buy rating to Radico Khaitan with a target price of Rs 460. The share price moved up by 1.41 per cent from its previous close of Rs 423.45. The stock’s last traded price is Rs 429.40.

Radico Khaitan Ltd., incorporated in the year 1983, is a Mid Cap company (having a market cap of Rs 5633.48 Crore) operating in Beverages - Alcoholic sector.

Financials
For the quarter ended 30-09-2020, the company reported a Consolidated sales of Rs 630.05 Crore, up 53.99 % from last quarter Sales of Rs 409.15 Crore and up 10.50 % from last year same quarter Sales of Rs 570.17 Crore. Company reported net profit after tax of Rs 72.41 Crore in latest quarter.

Investment Rationale
It is currently testing the lower band of the rising channel in placed since April and 50 days SMA thus offers favourable risk reward set up.

Promoter/FII Holdings
Promoters held 40.3 per cent stake in the company as of June 30, 2020, while FIIs held 18 per cent, DIIs 16.6 per cent and public and others 25.1 per cent.