IFB Agro Industries (IFB), primarily present in West Bengal, is engaged in the business
of manufacturing alcohol, bottling of branded alcoholic beverages as well as
processed and packed marine foods, both for domestic and export markets. The
companys expansion plans in the liquor segment coupled with scope for higher
market penetration are expected to drive growth. IFBs presence in marine business
provides ample opportunity in the domestic as well as export markets due to the niche
product categorization and presence of fewer competitors. Moreover, the recent
preferential allotment, where the promoter has pumped ~Rs18cr (~13% of the current
market cap), reflects promoters confidence in the company. We initiate coverage with
a Buy recommendation on the stock with a target price of Rs198.

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