Buy Alok Industries With Target Of Rs 32
Technical analyst Krunal Dayma has maintained 'buy' rating on Alok Industries Limited stock to attain a target of Rs 32.
According to analyst, the investors can buy the stock with a stop loss of Rs 26
The stock of the company, April 28, closed at Rs 26.90 on the Bombay Stock Exchange (BSE).
Current EPS & P/E ratio stood at 3.96 and 6.95 respectively.
The share price has seen a 52-week high of Rs 35 and a low of Rs 18 on BSE.
Alok Industries Ltd announced that it will make an investment of Rs 20 billion to expand its capacity by 2014.
A big part of this investment will be aimed towards flourishing polyester capacitance.
Mumbai-based textile major had invested Rs 70 billion during the past six years to fulfill the rising demand in the domestic as well as global markets.
In the capacity elaboration underway at present, polyester production would almost double and soar from 750 tons daily to 1,400 tons per day.
In addition, Alok Industries is eyeing to double up its income to $3 billion by 2013 owing to sturdy demand in domestic as well as export markets.
The company is also elaborating its retail footprint in its home country and UK.
Alok Ind proposes to append 80 retail stores under the brand Store 21 in the UK.