VIP Industries rises 1% as Ambit Capital initiates buy with target Rs 653

The company has experienced team, investing in brand and own capacities to drive growth, said Ambit Capital.

Share price of VIP Industries rose 1.7 percent intraday Thursday after Ambit Capital has initiated buy rating on the stock with a price target of Rs 653 per share.

The company has experienced team, investing in brand and own capacities to drive growth, said Ambit Capital.

The firm expect EBITDA margin to improve led by captive production, premiumisation and operating leverage.

It feels that industry tailwinds to aid double-digit growth in volume and revenue.

At 12:07 hrs VIP Industries was quoting at Rs 516.50, up Rs 4.20, or 0.82 percent on the BSE.

The share touched its 52-week high Rs 645.05 and 52-week low Rs 287.30 on 28 August, 2018 and 19 March, 2018, respectively.

Currently, it is trading 19.93 percent below its 52-week high and 79.78 percent above its 52-week low.

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