India Globalization Capital Inc
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Industrials : Trading Companies & Distributors | Small Cap Value
Company profile

India Globalization Capital, Inc. (IGC) is engaged in the development of cannabinoid-based therapies for indications such as Alzheimer's disease and pain. IGC operates through two segments: Life Sciences and Infrastructure. Life Sciences segment involves the development of potential new drugs, hand sanitizers and several hemp-based Cannabidiol (CBD) products and brands, wholesale of hemp extracts, including hemp crude extract and hemp isolate, among others, white labeling of hemp-based products, and offering of tolling services like extraction and distillation to hemp farmers. Infrastructure segment involves execution of construction contracts, rental of heavy construction equipment and purchase and resale of physical commodities used in infrastructure. IGC'S Life Sciences brands include Hyalolex, Holi Hemp, Holief, Herbo, and Sunday Seltzer.

Price
Delayed
$1.23
Day's Change
-0.0285 (-2.26%)
Bid
--
Ask
--
B/A Size
--
Day's High
1.45
Day's Low
1.19
Volume
(Heavy Day)

Today's volume of 6,125,100 shares is on pace to be much greater than IGC's 10-day average volume of 526,059 shares.

6,125,100

Lucid is a 'super premium' EV company, but competition is too great, Morgan Stanley says

12:48 pm ET September 14, 2021 (MarketWatch)
Print

Claudia Assis

Analyst Adam Jonas slapped a buy rating on EV battery recycling company Li-Cycle

Lucid Group Inc. is a "super premium" electric-vehicle maker that may be able to scale its production, but there's just too much competition to get too excited about the stock for now, Morgan Stanley analyst Adam Jonas said in a note this week.

Shares of Lucid (LCID) and Israel-based Ree Automotive Ltd. (REE), which makes an EV chassis called "skateboards," got the equivalent of a sell rating from Jonas in a note made public on Tuesday.

Lucid shares fell more than 5% in midday trading. For the year, the stock is 90% higher, compared with gains of around 19% for the S&P 500 index.

Related: Billions poured into electric-vehicle companies, but much more will be needed before the auto industry changes

Both Lucid and Ree "face a far greater level of head-on competition from legacy players, startups (and, in the case of Ree, even from its own customers), and thislevel of competition is more than was expected when both companies were conceived a few years ago," the analyst said.

Moreover, both "face higher execution risk that impacts the risk/reward for investors." Jonas tacked on a $12 price target on Lucid, representing downside of around 36% from Tuesday's share price.

See also: Chasing Tesla: Here are the current electric vehicle plans of every major car maker

In the same note, the analyst rated Li-Cycle Holdings Corp. (LICY) stock at the equivalent of buy, basing it on Li-Cycle's leadership position in the underdeveloped EV battery recycling market.

Lucid shares started trading on the Nasdaq in July after the company's merger with a blank-check company was approved on a second try a few days earlier.

Lucid said at the time that it had $4.4 billion in funding and would be able to "significantly" accelerate its plan to deliver "the world's best EVs."

Three analysts cover the stock, according to FactSet. Besides Jonas's rating, Lucid's stock has one sell rating and one unspecified rating on FactSet from analysts the platform has not disclosed.

The Newark, Calif., company hopes to start selling its Lucid Air, an ultra-luxury electric sedan built at Lucid's factory in Arizona, in the second half of this year.

-Claudia Assis

	

(END) Dow Jones Newswires

September 14, 2021 12:48 ET (16:48 GMT)

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