PCBL is well positioned to capitalize on the positive structural changes witnessed by the industry coupled with robust auto sector demand, continuation of antidumping duty on Chinese imports, stable international crude prices and improvement in operational efficiencies. We have valued the stock on the basis of P/E of 17x of FY20E earnings and recommend a BUY on the stock with a target price of Rs 1547/- (40% upside) in 18 months.
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