Multibagger stock: Astral shares are one of the multibagger stocks that Indian stock market has delivered in recent years. This stock has given 275 per cent return to its shareholders in last five years. It has given stellar return in post-Covid stock market rebound as it surged from around ₹630 apiece to ₹1925 per share levels in last three years, giving more than 200 per cent return in this time. However, this multibagger stock has remained sideways for last one year. But, in last one week, Astral shares have given some upside movement that has attracted attention of market experts. As per Axis Securities, Astral shares may surge to the tune of 10 per cent this week and the brokerage has given ‘buy’ tag to the stock in its weekly stock pick for this week.
Axis Securities report went on to add that after a steep correction, PVC prices recovered in Dec’22, leading to channel restocking. Moreover, affordable PVC rates improved the demand scenario across Housing and Infrastructure in H2FY23E. The strong volume growth across industry players in Q3FY23 reflects strong construction activities in the country. The company is targeting 500 displays for faucets and Sanitary ware that would add revenue in FY24E.
On suggestion to positional investors in regard to this multiage stock, Axis Securities said, “We recommend a buy rating on the stock with a target price of ₹2,115/share, implying an upside of 10% from the CMP.”
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.