Pritika Auto Industries Looks Intresting again based on Price and Time Study after seeing a significant correction making it lucrative both from fundamental and technical point.
Pritika Auto Industries is listed on BSE with TICKER PRITIKAUTO | 539359 |
Intimation Of Listing Of Equity Shares Of The Company On National Stock Exchange Of India Limited (NSE)
Pritika is also getting listed on NSE on Monday
Also we have Board Meeting on 14 on Demerger
Board Meeting Intimation for Meeting To Be Held On Saturday, 14Th August 2021
Company Background:
Pritika started in 1974 by Mr. R.S. Nibber, a young technocrat, manufacturing small forgings is today a renowned organisation in Tractor & Automotive industry providing excellence in field of precision machined components out of casting, forging & bar stock. Pritika Auto Ltd. has nearly five decades of experience in Tractor/Auto component manufacturing. Currently, they have three plants wherein two are located in Punjab and one in Himachal Pradesh with a total production capacity of over 50,000 tons per annum.
To cater to the rising demand, the Company plans to expand capacity by 1,500 tons per month, resulting in a capacity of 18,000 pa, through a new manufacturing unit in Punjab – operational from 2023. Thus, we will have a total capacity of 68,000 ton pa by 2023. They have a strong pan India presence and also export to major client in the US. With regards to products, they have a diversified portfolio which includes axle housings, wheel housings, hydraulic lift housings, end cover, plate differential carrier, cylinder blocks, crank cases.The company has announced highest Monthly sale ever and highest yearly sale on consolidated basis. They are now the no. 1 company in North India for machined castings.
The company’s clientele includes OEMs like M&M, Swaraj, TAFE, Escorts, SML Isuzu, TMTL, Ashok Leyland, New Holland Tractors India Ltd., Brakes India Ltd.
Pritika Auto Industries is listed on BSE with TICKER PRITIKAUTO | 539359 |
As there is a strong outlook in agriculture Scetor, backed by a healthy monsoon, is driving demand for tractors. Tractor industry is expected to grow at CAGR of 8-10% during 2017-22 wherein unit sales are expected to reach one million by mid of next decade, registering a 6-7% CAGR.
Buoyant agriculture industry is complemented by supportive government initiatives for the agriculture and rural sectors, as well as for the automotive sector. Point worth highlighting here is the government’s Automotive Mission Plan (AMP) 2016-26 which will benefit the industry in the multiple ways. This will lead to an increase in contribution of auto industry in the country’s GDP to over 12%. In addition, End of Life Policy would be implemented for old vehicles that will open up new opportunities. This will be big positive for Pritika Auto.
Technicals
Daily Chart
On Friday Pritika has closed above its 200 DMA suggesting long term trend is turning bullish, and 20/50 DMA Converging suggesting Fast Rise Set up.
Weekly Chart
On Weekly chart we in the middle of the range 16-21 so high probablity we can move to upper end of the range.
Traders can go Long in range of 18.8-19 with SL of 17.2 for a target of 21/22.5/25
Sir long term in 1 year it can touch its 52 week high of 55?