A newly listed auto components stock has been witnessing healthy traction of late even as the Indian stock market trades rangebound due to tariff-related uncertainties. The stock in focus is Belrise Industries. Belrise Industries’ share price hit a fresh record high of ₹115 in intraday trade on Wednesday, July 9, defying weak market sentiment.
Belrise Industries shares opened at ₹113.20 against their previous close of ₹112.55 and climbed over 2 per cent to their all-time high of ₹115. Around 10:45 AM, the stock traded 1.07 per cent up at ₹113.75. Equity benchmark Sensex was flat at 83,709 at that time.
Belrise Industries share price trend
Belrise Industries share price has seen a solid gain since its listing on the BSE and the NSE on May 28 this year.
On the NSE, the stock was listed at ₹100, a premium of 11.11 per cent over the issue price of ₹90, and on the BSE, it debuted at ₹98.50, with a premium of 9.44 per cent.
At the fresh record high of ₹115, the auto component stock has jumped 28 per cent in less than two months.
Jefferies sees further upside
Global brokerage firm Jefferies is positive about Belrise Industries due to attractive valuation of the stock and healthy growth prospects of the company.
In a July 7 report, Jefferies said it had initiated coverage on Belrise with a ‘buy’ rating and a target price of ₹135.
Taking into account the stock’s fresh record high of ₹115, Jefferies target price implies an over 17 per cent upside potential in the stock.
(This is a developing story. Please check back for fresh updates.)
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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
