India's JK Tyre rises after Emkay says shares undervalued, hikes TP

JK Tyre & Industries JKIN.NS rises as much as 6.3% to a more than 21-month high of 522.05 rupees, last up 4.2%

Emkay Global reiterates "buy" rating, raises TP to 625 rupees, saying the firm is entering a phase of accelerating revenue growth and offers valuation comfort compared to peers.

Brokerage says co's 50 billion rupees medium-term capex plan enhances multiyear growth visibility and JKIN's strong cash generation would help fund most of the capex

Notes stock undervalued at current levels

Stock rated "hold" on avg, median TP at 480 rupees, per data compiled by LSEG

YTD, JKIN up ~32%