New Delhi, Oct. 16 -- Small-cap stock GEE Ltd, a manufacturer of welding consumables, has emerged as a conviction pick for ICICI Direct, which has initiated coverage on the stock with a Buy rating and a target price of Rs.170. The brokerage's target implies an upside of 37% from the current market price of Rs.124, over a 12-month period.

In its recent research report, ICICI Direct said the company was positioned for an earnings recovery driven by capacity expansion, improving utilisation, specialised welding products and opportunities in nuclear power and defence shipbuilding. The brokerage also expects a sharp improvement in profitability over FY26-FY28, supported by operating leverage and a gradual shift towards higher-value products....