IEX Shares Hit Upper Circuit After This Analyst's 'Buy' Call

IEX Shares Hit Upper Circuit After This Analyst's 'Buy' Call

IEX share price continued to recover for the third straight session as shares of the company climbed 10% to hit upper circuit at ₹150.20.

What Happened: Shares of the company that have slumped close to 40% have been seeing a strong recovery this week. The stock is up over 16% this week. The latest surge comes as global investment firm UBS maintained its ‘buy’ rating for the stock with a price target of ₹200.

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The ‘buy’ call comes just days after the company posted its March business updates. The company witnessed a 12% month-over-month increase in volume in March at 9212 million units. “The company achieved 26052 MU volume across all segments during Q4 FY ’23, growing 7% over the previous
quarter,” the company added in a regulatory filing.

Price Action: IEX share price was up 10% to hit upper circuit at ₹150.20 on Thursday afternoon.

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