According to HDFC Securities, rating agency ICRA is poised to deliver double digit returns in the stock markets going forward with credit growth and outsourced business emerging as a booster for the company. HDFC Securities has maintained a buying outlook on ICRA. He expects the stock to see a level of Rs 4,195 in the next two quarters.
However, ICRA stock witnessed selling pressure on Friday. The stock was trading at Rs 3766.20, down by Rs 55 or 1.44% on BSE at around 2.22 am. The stock has touched an intraday high of Rs 3853.75 and an intraday low of Rs 3754.30.
According to HDFC Securities “Investors can buy this stock between Rs 3720-3750. Target for next 2 Quarters is Rs 4195. Falls in range of Rs 3350-3380 can be seen. You can add it.”
The share of ICRA was at Rs 3821.20 on the previous day. Keeping in view the HDFC Securities target and Thursday’s price level, ICRA is likely to witness a rally of around 10% in the next 2 quarters.
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ICRA stock is expected to rise by over 11% going forward from the current price level. So far this year, ICRA’s stock has seen a jump of about 11 percent.
Giving its opinion on ICRA, HDFC Securities in its note said that ICRA is well poised to benefit from the revival in credit growth.
HDFC Securities in its note said “We expect ICRA’s Revenue / EBITDA / PAT to grow at a CAGR of 13/21/21% in FY 2021-24. The credit growth revival of the company is supported by strong demand and outsourced business. This growth will be visible because ICRA has sufficient cash available.
According to the brokerage house, ICRA’s outsourced and information services business segment is performing well and margins are improving. Therefore, investing in this stock is expected to make gains in the long run.
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