New Delhi, Oct. 9 -- Domestic brokerage firm Choice International Equities has initiated coverage on Rishabh Instruments with a 'Buy' rating, citing multiple growth drivers that could support the stock's rally. The stock has been scaling record highs this year, and the brokerage expects the upward momentum to continue, backed by several structural tailwinds.

The brokerage has set a target price of Rs.830 per share, which indicates an upside potential of 22.5%. It highlighted the company's efforts in recent years to diversify beyond its core Electrical and Electronic Instruments (EEI) business by expanding into new product segments, which have begun to yield results.

The EEI business remains Rishabh Instruments' primary growth driver, ac...