Stock on Radar: Brokerage says this multibagger mid-cap metal stock can give huge returns in 3 months; note down target price
Metal Stock on Radar: Metal stocks have been performing well in India due to rising prices of metals across world. As a result, the market cap of many company's is rising fast. Many of them are hitting either 52-week or all-time high. Amid such a trend when metal stocks are rallying brokerage ICICI Direct has picked Shyam Metalics and Energy Ltd stock, which has given a breakout on the downtrend on technical basis. This stock closed trading on BSE on Thursday near Rs 643 (Shyam Metalics Share Price). From short term point of view, the brokerage has advised to buy the Shyam Metalics stock for an upside of nearly 14 per cent in the next 3 months.
(Disclaimer: The advice to invest in stocks here has been given by the brokerage house. These are not the views of Zee Business. Consult your advisor before investing.)
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Shyam Metalics Share Price Target
ICICI Direct has advised to buy this stock in the range of Rs 630-650. The share price target for Shyam Metalics is Rs 735 with a stop loss at Rs 590.
Shyam Metalics Share Price Target
This stock had made an all-time high of Rs 737 on NSE on January 31, 2024. After that, there was correction in the stock.
Shyam Metalics Share Price Target
On May 10, this stock had made this month's low of Rs 561. On April 19, it had made that month's low of Rs 587, and in March, it had made a low of Rs 511.
Good buying seen after Q4 results
The brokerage said that after the Q4 results, good buying is being seen in this stock. The technical structure is pointing towards a strong uptrend and in this it can again hit an all-time high. In the fourth quarter, the company's revenue stood at Rs 3606 crore with a jump of 5.2 per cent on an annual basis.
Good buying seen after Q4 results
EBITDA increased by 9.6 per cent to Rs 493 crore, EBITDA margin declined by 12.3 per cent and net profit by 13.4 per cent to Rs 220 crore. The company has also decided to enter stainless steel and aluminum business.
Shyam Metalics Share Price History
Shyam Metalics shares have given returns of 9.16 per cent in the one week, 13.3 per cent in the two weeks, 5.4 per cent in the one month,
Shyam Metalics Share Price History
It has given minus 3 per cent returns in the three months. It has been flat so far this year, has given 44 per cent in the six months and 115 per cent in the one year.