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The brokerage ascribe 25x 1-yr forward PE for RE and 12x 1-yr forward EV/EBITDA for VECV to arrive at TP of Rs 4,100.

Bharat Forge, incorporated in the year 1961, is a Large Cap company (having a market cap of Rs 38571.69 Crore) operating in Auto Ancillaries sector.

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On the technical charts, the RSI of the stock stood at 46.96.

“We see more prominent investors coming into it and if there is a valuation re-rating because of that, there will be some rub off on the TVS price also. Within the two-wheeler space, though the sector has not been that great, TVS is relatively better placed but at this point we have an overall overweight stance only on the passenger vehicles. Maruti, Ashok Leyland, are where we have a positive view.”

The stock found support around Rs 502 earlier in February 2023 for the second time after March 2020 before recouping some losses. Most technical indicators are in an oversold zone and chances of a technical bounce back is on cards.

International patient footfall continues to grow. increase its FY24/25 earnings by 4%/5% to factor in faster ramp up and higher margins.

Since the selloff began after New York-based short-seller Hindenburg Research put out an explosive report on January 24 making a series of allegations against Adani Group companies, the stock has been in a free fall. The combined market capitalisation of all Adani companies has halved, taking the total loss to Rs 10 lakh crore.

The stock quoted a 52-week high price of Rs 1715.4 and a 52-week low of Rs 1128.45.

A total of 7,784 shares changed hands on the counter till 12:04PM (IST)