Stock to Buy on Monday: Buy Foseco India with long term view; strong fundamentals, attractive valuations top reasons, says expert Sandeep Jain
Stock to Buy on Monday: Even as market expert Sandeep Jain asks investors to remain vary of current stock market uncertainties, he brings a stock that could give significant returns over a long term period. The stock was recommended by him to Zee Business’ Swati Raina on a popular TV show ‘Bazaar Agle Hafte’
Stock to Buy on Monday: Even as market expert Sandeep Jain asks investors to remain vary of the current stock market uncertainties, he brings a stock that could give significant returns to the investors over a long term period. The stock was recommended by him to Zee Business’ Swati Raina on a popular TV show ‘Bazaar Agle Hafte’ (#BazaarAgleHafte).
The Tradeswift Director picked Foseco India shares. The company caters to supplu of foundry consumables and solutions.
The Foseco India stock ended at Rs 1505 on the NSE on Friday, up 1.7 per cent from the last closing price on Thursday. This stock has been recommended by him previously, Jain said.
The stock is fundamentally strong and the company is quite good, he said adding that the stock is available at attractive valuations. The company has a 16 per Return on Equity (ROE) and is a zero deby company. The company posted a strong December quarter results, Jain said.
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The Profit After Tax (PAT) in Q3 of FY 22 was around Rs 8.25 cr versus 7 cr in the corresponding period in the year ago quarter.
Promoters have a 75 per cent shareholding in the company. The stock is into strong hands, he opined. The stock has corrected from top levels. The 52-week high of this stock is Rs 1788.90, which it hit in June 2021. Foseco India share hit its 52 week low of Rs 1250.90 on 24 February, this year.
He suggested buying in this stock at current levels saying that the stock is poised for an upside from current levels.
He puts the price target of Rs 1730.
Jain also recommended a stock to buy with a positional term view apart from giving a sell call for Monday, when markets reopen.
The stock has moved both ways over the last 7-8 trading sessions.
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