Buy Godrej Industries; target of 220: IIFL

Bangalore: IIFL is bullish on Godrej Industries and has recommended buy rating on the stock with a target of 220. According to IIFL, Godrej Industries continue to remain in steady uptrend despite volatile in broader markets and has seen short term breakout from falling resistance based on price of last 10 trading session.

Godrej Industries is engaged in the businesses of manufacture and marketing of oleo-chemicals, their precursors and derivatives, bulk edible oils, estate management and investment activities. The company's segments comprised: chemicals segment, which includes oleo chemicals, such as fatty alcohols, fatty acids, alfa olefin sulphonates and refined glycerin; estate segment, which comprises the business of giving premises on leave and license basis, and finance and investments segment, which comprises of investment in subsidiaries, associate companies and other investments. Others include business of refined vegetable oils and vanaspati and energy generation through windmills.

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Angel Broking says, volumes are encouraging and have increased multifold compared with last three days average, which suggest smart buying seen during minor dip which appeared few days back. With the recommended price of 220, if the stock is bought at Thursday's closing price of 206.60, the percentage of gain would be 6.09 percent.