New Delhi, Oct. 7 -- ASK Automotive shares have gained 46% over the past six months and 32.14% year-to-date. Despite the strong rally, Choice Institutional Equities sees further upside, backed by the company's structural growth opportunities.

The brokerage has initiated coverage with a 'Buy' rating and a target price of Rs.730, implying an upside of around 20.3% from the current market price of Rs.608. Choice values the stock at 30x its average estimated earnings for FY28-FY29.

Choice Institutional Equities expects Aluminium Lightweighting Precision Solutions (ALPS) to become ASK Automotive's biggest growth engine. The brokerage estimates ALPS' contribution to revenue will increase from 51% in FY26 to 62% by FY29, implying a CAGR of aro...