ICICI Direct has given Buy recommendation for Butterfly Gandhimathi Appliances recommended buy rating on the stock with a target price of Rs 1620 in its research repo with a target price of Rs. 1620 in its research report issued on Feb 24, 2022

ICICI Direct’s research report on Butterfly Gandhimathi Appliances

Butterfly Gandhimathi (BGAL) is one of the leading manufacturers of kitchen & electrical appliances in India and sells its products branded as ‘Butterfly’. The company is a market leader in India for SS LPG stoves & table top wet grinders and major supplier of mixer grinders & pressure cookers • Over the last three years, BGAL has enhanced its focus on modern trade/online distribution channels to capture higher revenue growth.

Outlook

We maintain BUY recommendation on the stock. We value BGAL at Rs 1620 i.e. 2x FY24E EV/sales.

More Info

At 16:01 hrs Butterfly Gandhimathi Appliances was quoting at Rs 1,377.60, down Rs 18.30, or 1.31 percent.

It has touched an intraday high of Rs 1,390.75 and an intraday low of Rs 1,350.00.

It was trading with volumes of 6,414 shares, compared to its thirty day average of 12,808 shares, a decrease of -49.92 percent.

In the previous trading session, the share closed up 0.33 percent or Rs 4.60 at Rs 1,395.90.

The share touched its 52-week high Rs 1,419.00 and 52-week low Rs 478.00 on 23 February, 2022 and 05 April, 2021, respectively.

Currently, it is trading 2.92 percent below its 52-week high and 188.2 percent above its 52-week low.

Market capitalisation stands at Rs 2,463.09 crore.

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