Chennai Ferrous Industries Upgraded to 'Hold' by MarketsMOJO, Strong Financial Performance and Positive Indicators
Chennai Ferrous Industries, a microcap company in the steel/sponge iron/pig iron industry, has recently been upgraded to a 'Hold' by MarketsMOJO. This decision is based on the company's high management efficiency, with a ROE of 22.55%, and a low Debt to Equity ratio of 0 times. The company has also shown healthy long-term growth, with an annual net sales growth rate of 51.76%.In the latest quarter, Chennai Ferrous Industries has reported positive results, with PBDIT(Q) at its highest at Rs 2.60 crore, PBT LESS OI(Q) at its highest at Rs 2.32 crore, and PAT(Q) at its highest at Rs 1.74 crore. The stock is currently in a bullish range, with technical indicators such as MACD, Bollinger Band, and KST all showing positive trends.
The majority shareholders of Chennai Ferrous Industries are the promoters, indicating their confidence in the company's future prospects. However, with a ROE of 9.6, the stock is currently trading at an expensive valuation with a 1.2 Price to Book Value. It is also trading at a premium compared to its average historical valuations.
In the past year, Chennai Ferrous Industries has underperformed the market, with a return of 18.18% compared to the market's return of 40.49%. Despite this, the company's profits have risen by 347.6%, resulting in a PEG ratio of 0. This suggests that the stock may have potential for future growth. Overall, MarketsMOJO's upgrade to 'Hold' reflects the company's strong financial performance and positive technical indicators, making it a stock to watch in the steel/sponge iron/pig iron industry.
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