Reliance Securities has reiterated 'Buy' on Balkrishna Industries with target price of Rs 869 in its report.

Commenting on the investment rationale, the stock broker said, ''We continue to like BKT, as we believe that barring the cyclical pressures beingwitnessed currently, the company remains on a strong structuralfooting with overall outlook for the global agri/constructionindustry remaining robust.

Furthermore, the company has a solid economic moat of being the lowest cost producer, is doubling itscapacity, has increased focus on OEMs, started warehousing facility in US and tapping the India demand, all of which augurswell for BKT.

Thus, we believe that barring the cyclical headwinds, secular tailwinds will benefit the company overthe medium-to-long-term. We reiterate BUY on the stock with a target price of Rs 869.''

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