Antique Stock Broking has a buy rating on PI Industries with a target price of Rs 1170. Shares of PI ended up 1.9% at Rs 1285.6 on Tuesday while the BSE Sensex plunged 642.22 points to 36,481.09.
For the quarter ended 30-06-2019, the company has reported consolidated sales of Rs 754.10 crore, down -6.30% from last quarter sales of Rs 804.80 crore and up 24.52% from last year same quarter sales of Rs 605.60 crore. The company has reported net profit after tax of Rs 101.60 crore in the latest quarter.
PI Industries announced acquisition of 100% stake in Isagro Asia for a consideration of Rs 350 crore and transaction is expected to close by Q3 of FY20. The brokerage believes that the deal will give access to GLP approved manufacturing facility to PI along-with large land bank for further expansion.