Astral Poly Technik hits record high as CLSA maintains buy call, sees 21% upside
Astral Poly Technik, the largest manufacturer and suppliers of pipes and fittings, rallied 2.5 percent intraday to hit a fresh record high of Rs 810 on Thursday.
Global brokerage house CLSA has maintained its buy call on the stock with a target price of Rs 960 per share, implying 21.5 percent potential upside from Wednesday’s closing price.
The company is evolving into a strong building material franchise.
The research house said the government affordable housing thrust is yet to be felt. “We are bullish on the long term-opportunity thrown up by affordable housing.”
Established in 1996, Astral Poly Technik is equipped with production facilities at Santej & Dholka (Gujarat), and Hosur (Tamil Nadu) to manufacture plumbing systems, drainage systems, agriculture, industrial and electrical conduit pipes with all kinds of necessary fittings.
At 15:15 hours IST, the stock price was quoting at Rs 796.05, up Rs 5.90, or 0.75 percent on the BSE.