Mumbai: Shares of Aditya Birla Capital surged over 10% to a six-and-a-half-year high on Tuesday after brokerage Macquarie initiated coverage on the stock with an outperform rating and a price target of ₹230.
The price target implies an upside potential of 14.4% from Tuesday’s closing. The stock hit ₹202 – the highest level since November 2017 – before closing at ₹201.05. Macquarie said the company is its top pick among NBFCs and has the potential to double in three years.
“We believe Aditya Birla Capital (ABCL) is poised to show strong growth in loans and earnings driven by its lending (NBFC and HFC) and savings (life insurance) businesses in the next several years,” said the brokerage in a note to clients. Our Bureau
