Buy Kaveri Seed, target price Rs 570: Yes Securities

Buy Kaveri Seed, target price Rs 570:  Yes Securities

Yes Securities has buy call on Kaveri Seed Company with a target price of Rs 570. The current market price of Kaveri Seed Company Ltd. is Rs 547.8.

Kaveri Seed Company Ltd., incorporated in the year 1986, is a Mid Cap company (having a market cap of Rs 3303.02 Crore) operating in Agriculture/Horticulture/Livestock sector.

For the quarter ended 30-09-2020, the company reported a Consolidated sales of Rs 134.02 Crore, down 81.37 % from last quarter Sales of Rs 719.48 Crore and up 13.91 % from last year same quarter Sales of Rs 117.66 Crore Company has reported net profit after tax of Rs 23.41 Crore in latest quarter.

Investment Rationale
After surpassing the multi-month trend line, the stock is defending levels of Rs 530 during intraday decline. With sustained movement above short-term averages, positive follow through could attract buying interest.

Promoter/FII Holdings
Promoters held 55.5 per cent stake in the company as of Sept 30, 2020, while FIIs held 19 per cent, DIIs 11 per cent and public and others 14.4 per cent.

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