Cement, calcined petroleum coke and specialty chemicals maker Rain Industries share price touched a fresh record high of Rs 373.90, rising as much as 10 percent on Thursday post stellar earnings performance.
With maintaining buy call on the stock, Motilal Oswal said it has raised target price to Rs 492 (from Rs 362 per share) following increase in EBITDA (earnings before interest, tax, depreciation and amortisation) estimates and carbon margins.
It has raised estimates for carbon margins from USD 100 per tonne to USD 120 per tonne. As a result, consolidated EBITDA has increased by 17/22/21 percent for CY17/CY18/CY19, it added.
Rain Industries reported very strong earnings growth, driven by structural changes in marketdynamics for its carbon business. Consolidated EBITDA increased 49 percent YoY to Rs 673 crore, beating Motilal Oswal&rsqu
...
Read more »