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market | IST

Goldman Sachs bullish on Radico Khaitan as stock rallies 14.5%

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Radico Khaitan hit a record high on Tuesday as Goldman Sachs initiated coverage on the stock some time back. New launches by the company have helped in the repositioning of the brand which has resulted in the positive outlook by the brokerage.

Radico Khaitan is at a record high as Goldman Sachs initiated coverage on the stock some time back. Since then the stock has seen a big move and closed Tuesday's session 14.5 percent in the green.
Radico Khaitan is the market leader in the vodka space and has recently launched Magic Moment Dazzle Vodka. Apart from this, they have also launched Royal Ranthambore Heritage Collection whisky. Radico also launched the Rampur whisky and the Jaisalmer Indian craft gin some time back. The two latest launches are priced between Rs 1,000 to 2,000 and have filled up gaps in their product range.
Goldman Sachs has a buy rating on the stock with a target of Rs 1,144 and brokerage says that with the two new launches, the repositioning that the company had earlier generated with the launch of Rampur and Jaisalmer has been boosted.
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“We believe these new launches will position RADC well to win a share in markets such as Karnataka, Maharashtra, Delhi and Haryana where RADC is not a market leader,” the brokerage said.
So far in 2021, the company’s shares have soared over 152 percent, while they have gained 48 percent in the past three months.
A similar view was echoed by Batlivala & Karani Securities India which said that the focus on premium product launches, strengthening its existing brands and increasing its reach in the under indexed states provide strong topline growth visibility for the company over the medium to long term.