Shares of Avalon Technologies rallied 6% to their day’s high of Rs 2,326 on the BSE on Monday after Nomura raised its target price on the stock to Rs 2,767 from Rs 2,211 and maintained its Buy rating. The revised target implies 23% upside from current levels.
Nomura said Avalon entered a joint venture with Zollner Elektronic AG, an unlisted leading European electronics manufacturing services (EMS) company, for PCBA, box-build and system integration manufacturing in India. The JV intends to serve customers across geographies and sectors including healthcare and life sciences, test and measurement, rail and other industrial verticals.
