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Monarch Networth Capital highlights Ramkrishna Forgings for up to 20% upside
The Indian benchmarks gained Tuesday, with the Sensex up 1.5% and the Nifty 50 up 1.6%, while the rupee strengthened to 95.16 per US dollar in early trade.
Indian markets rose on Tuesday, with the Sensex climbing 1.5% to close at 73,033 and the Nifty 50 gaining 1.6% to end at 22,721.95, supported by strength in IT and banking heavyweights, LiveMint Markets reported.
The Indian rupee strengthened by 62 paise to 95.16 per US dollar in early trade after the RBI announced additional measures to ease pressure on the currency, the outlet said. It also reported Brent crude futures fell more than 1% to about $105 a barrel as prospects grew for additional diesel supplies from Russia.
Brokerage Monarch Networth Capital flagged two stocks for potential upside, with Ramkrishna Forgings noted for an earnings-led case tied to business diversification, higher capacity utilisation, and improving profitability.
For Ramkrishna Forgings, the brokerage set a ₹806 target and projected up to 20% upside, while it also pointed to a technical opportunity in TCPL Packaging with a target range of ₹4,900 to ₹5,300, LiveMint Markets added.
Latest closeWTI crude $91.10 ▲3.2%|Brent $103.93 ▲3.7%|Sensex 72,638.70 ▼0.6%