Despite the stock markets hitting record highs and valuations in some sectors rising sharply, some stocks are likely to rise further. Among these, these stocks in the chemicals, bearings and textiles sectors are likely to rise further even after the recent rally.
Timken – Target Price: Rs 2,278
Edelweiss Securities, the brokerage of this bearing company, has started coverage with a buy rating. For this, a target price of Rs 2,278 has been given for the next 12 months. This would be an increase of about 34 percent from the current price of this stock. The company can benefit from increasing opportunities for the bearing industry.
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Philatex – Target Price: Rs 168
This textile company is likely to benefit from the new schemes of the government and increase in demand. Brokerage firm KR Choksey has started coverage of this stock with buy rating. For this, a target price of Rs 168 has been given, which is about 44 percent more than its current price.
Chemplast Sanmar – Target Price: Rs 910
The recently listed chemical company will benefit from increasing demand for PVC products. Brokerage firm ICICI Securities said that opening of new markets due to difficulties in China may increase business opportunities for the company. A target price of Rs 910 has been given for this stock.
Schaeffler – Target: Rs 8,460
The boom in the automobile sector can improve business for this bearing company. Edelweiss Securities expects the company’s sales to grow by 21 per cent and net profit around 32 per cent. The stock has a target price of Rs 8,460, which is about 19 per cent higher than its current price.
Polycab – Target: Rs 3,200
This company, which does business of cables and wires, can benefit from the growth of renewable energy sector and electric vehicles. The stock has been given a target price of Rs 3,200 with a buy rating, which is about 26 per cent higher than its current price.
SKF – Target: Rs 3,670
This bearing company can also get an opportunity to strengthen the business by increasing demand. It has started work on a plan to increase its market share. Its sales are expected to increase by 18 percent. The stock has a target price of Rs 3,670, which is almost 11 per cent higher than its current price.
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