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Shares of kitchen appliances maker TTK Prestige Ltd jumped as much as 7 per cent to Rs 6,888.8. The stock posted its biggest intraday percentage gain since January 17.
CLSA has raised the price target to Rs 7,725 from Rs 7,010, and it has maintained “buy”. The brokerage sees the company as a play on “improving rural consumption and as a beneficiary of government spending ahead of the elections”. (India's general election to be held in 2019).
CLSA says TTK Prestige will benefit from the government’s 'Ujjwala' scheme which provides LPG connections to families below-poverty-line, thereby increasing the demand for for stoves and cookers. TTK's entry into cleaning solutions and recent export orders should contribute to incremental growth, the brokerage adds.
More than 10,831 shares changed hands, compared with 30-day average of 11,397 shares. About four of 11 brokerages rated the stock “buy” or higher, four “hold” and three “sell” or lower; their median price target is is Rs 6,346.50.
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