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ICICI Securities Report
Balkrishna Industries Ltd. remains one of our top ideas under our coverage universe.
We believe it continues to provide superior risk-reward vis-a-vis peers due to its standout earnings resilience.
The latest industry export data continues to remain strong with both segments (agriculture, off-the-road tyres) returning to growth path together for the first time since December 2019.
The latest monthly (August 2020) industry export data continues to support V-shaped demand rebound across agri tyres at 42% YoY and off-the-road tyres at 13% YoY.
We had mentioned in our previous monthly note continued improvement in data points and higher visibility on growth would remain the key catalyst for the stock.
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