Himalaya Harbinger, Rudrapur Bureau
Shares of Hyundai Motor India Ltd. are trading with losses of over 4% on Tuesday, October 22, extending their decline after listing at a discount of over 1% to the issue price.
Brokerage firm Emkay has initiated coverage on Hyundai Motor India with a price target of ₹1,750 per share. The price target ascribed by Emkay implies a further downside of 11% from its IPO price of ₹1,960 per share.
“We initiate coverage on Hyundai Motor India (HMIL) with reduce (target price of ₹1,750, at 23x core Sep-26E PER, similar to MSIL) amid a lackluster 5% EPS CAGR over FY24-27E,” it said.
