.jpg?w=1200&auto=format%2Ccompress&ogImage=true&w=1200&resize=1200,674&ssl=1 "Nirmal Bang Maintains ‘Sell’ On The Stock, But Hikes Target Price Here’s Why")
Nirmal Bang maintains Sell rating on Anupam Rasayan based on the above factors and added concerns about execution versus expectations raised by the larger than life order book of Rs 107 billion, and the high working capital – cash collection cycle > 250 Days, versus FY18-21 avg. of 184 days.
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