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Nomura positive on agri tyre export; expects Balkrishna Industries to benefit from current recovery

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Nomura is very optimistic on the agriculture tyre export business. According to Nomura, agriculture tyre export revenues are up 28 percent year-on-year in November.

Nomura is very optimistic on the agriculture tyre export business. According to Nomura, agriculture tyre export revenues are up 28 percent year-on-year in November.
Key European countries like Italy and France are seeing strong exports. Germany too saw a growth of 13 percent in November versus a 3 percent decline in September.
The UK and the US are also up 4 percent and 33 percent, respectively, in November.
The new virus strain will be a near term headwind, but in the medium term Nomura expects Balkrishna Industries to be a big beneficiary because it generates 80 percent of its revenues from exports and stands to benefit from the current recovery.
They also think that the valuations are attractive given the strong growth outlook and high double-digit return ratios.
Nomura has a target price of Rs 1,728 on the stock.
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