After years of sideways movement followed by under performance this company looks poised to make a move.
Formerly only a PVC artificial leather manufacture they have now setup a plant for PU based artificial leather which feels more like the real thing. Until now India imported over 90% of such requirement from China. They already supply many footware and car manufacturers and have recently tied up with Mercedes too after almost 4-5 years of pitching their products to them.
SO FORTUNES COULD CHANGE FOR THIS COMPANY SOON...
Technically the stock has just crossed its 200EMA and overall has a bullish structure. The stock could breakout above 328 and I would surely be buying it there. SL on this trade/investment would be 312 for traders and 292 if you are looking to invest in a company which has a new product coming to market.
The only short term trigger to watch for are its results on 12th Feb and if crude goes on a major run coz its raw material prices would increase.
I also expect its ROE/ROCE to start moving upwards now that expansion has been completed.
Formerly only a PVC artificial leather manufacture they have now setup a plant for PU based artificial leather which feels more like the real thing. Until now India imported over 90% of such requirement from China. They already supply many footware and car manufacturers and have recently tied up with Mercedes too after almost 4-5 years of pitching their products to them.
SO FORTUNES COULD CHANGE FOR THIS COMPANY SOON...
Technically the stock has just crossed its 200EMA and overall has a bullish structure. The stock could breakout above 328 and I would surely be buying it there. SL on this trade/investment would be 312 for traders and 292 if you are looking to invest in a company which has a new product coming to market.
The only short term trigger to watch for are its results on 12th Feb and if crude goes on a major run coz its raw material prices would increase.
I also expect its ROE/ROCE to start moving upwards now that expansion has been completed.