Last Updated on 08/08/2024 by wccexam Desk
The stock market is witnessing a decline on Thursday. Sensex is trading at 79,312.80 points and Nifty at 24,245.30 points. Meanwhile, the stock of the air cooler manufacturing company is witnessing a stormy rise. The stock of the cooler manufacturing company rose 17 percent on Thursday, August 8. This stock has grown by 42 percent in the last three days.
This rise in the shares of air cooler company Symphony Ltd has happened after the June quarter results. In the first quarter, the company has earned more income than expected. Symphony Ltd has seen a growth of 118 percent in business year after year. Experts say that the company has shown good performance. In such a situation, they believe that the stock has risen too much and one should wait for the correction now.
Should you buy these shares or not?
Yes Securities said that despite strong demand in the domestic market and Symphony’s subsidiaries seeing improved performance in the first quarter, the brokerage feels the stock’s valuation remains challenging after a 94 per cent rally this year so far.
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Yes Securities said that we had upgraded this stock to buy in the fourth quarter and the stock has gained 51 per cent since our upgrade. Given the strong performance, our FY25 and FY26 EPS estimates have been revised upwards by 18 per cent and 15 per cent, respectively.
He said that we give it a ‘Neutral’ rating as the stock price has seen a significant increase and now we have set the value of the stock at 45 times with a target price of Rs 1,549. Yes Securities said that this stock should be bought on every dip
Performance of stocks
On Thursday, Symphony shares rose 16.71 per cent to Rs 1,747.65. The stock has gained 42 per cent in the last three sessions. The stock has grown 80 per cent in six months and more than 95 per cent in one year.
Nuwama said improved operations of overseas subsidiaries and lower channel inventory will help Symphony in the coming quarters. Yes Securities said, “Symphony is also entering the water heater category, where the company will provide feature-rich water heaters at competitive prices.
(Note- Before investing in any stock, please take the help of a financial advisor.)
Source (PTI) (NDTV) (HINDUSTANTIMES)