Buy Sintex, target Rs. 369: Angel Broking

Bangalore: By looking at the future prospects of the stock, Angel Broking has recommended a buy rating on Sintex Industries with a target price of Rs. 369. According to the brokerage house, Sintex has traded at 13.6x its one-year forward average price-to-earnings (P/E) ratio, which makes the current valuations attractive.

Sintex Industries is an India-based company engaged in the plastics and textile businesses. The products manufactured by the company include prefabs, monoliths, storage tanks, containers, doors and windows. The textile division includes men's structured shirting fabrics, and yarn-dyed corduroy and ultima cotton yarn-based corduroy. The company’s subsidiaries include Zeppelin Mobile Systems India, Bright AutoPlast,Wausaukee Composites and Nief Plastics. 

Angel Broking says that the fundamentals of the stock have been strengthened with a well-capitalized balance sheet, strong revenue visibility and a demand revival in its domestic plastic segment. With the recommended target price of Rs. 369, if the stock is bought at Monday's closing price of Rs. 264.35, the percentage of gain would be 39.58 percent.