HomeLifestyle'Bullish' brokerage house on the shares of this government company, investment advice...

‘Bullish’ brokerage house on the shares of this government company, investment advice given for 42% return in one year

highlights

Engineers India Limited is a government company under the Ministry of Petroleum.
The current price of the share of Engineers India is Rs 73.50.
Due to better order flow and strong balance sheet, the brokerage house gave buy advice.

New Delhi. Domestic brokerage firm ICICI Securities expects shares of state-owned Engineers India Ltd to rally up to 42 per cent and has given a one-year time frame for this target. The brokerage house, released after the company’s quarterly results, has made this estimate by issuing a report.

Engineers India’s net profit increased by 341.08% to Rs 75.16 crore in the September quarter, as compared to Rs 17.04 crore in the September quarter of 2021-22. In the quarterly results, the company’s sales also saw a jump of 20.75% during September and it increased to Rs 793.06 crore.

Strong order flow and balance sheet
ICICI Securities says that Engineers India is exploring new possibilities for projects of renewable fuels like pipeline, hydrocarbon fuel and hydrogen, ethanol. As the capital expenditure of the company increases, these capabilities will help the company in getting new orders. At the same time, the orders received by the company also increased and there is a lot of cash available in the balance sheet.

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Keeping all these factors in mind, ICICI Securities has maintained BUY rating while giving Buy Advice on Engineers India stock and has set a target price of Rs 103.00 for the one year period.

What is the business of the company?
The current price of the share of Engineers India is Rs 73.50. On Friday, November 11, the stock closed at Rs 73.50 with a gain of 1.59% on NSE. In the last one month, these shares have climbed 17.51 ​​percent, while in 6 months it has given a return of about 24.37 percent.

Engineers India Limited, a government company under the Ministry of Petroleum, was established in 1965. The company provides engineering services for petroleum refineries and other industrial projects. The company market value is about Rs 4.08 thousand crores.

,Disclaimer: The investment advice on this stock given here is the personal views and opinions of investment experts and brokerage houses. If you want to invest in these shares, first consult a certified expert. NEWS18 will not be responsible for any kind of loss.)

Tags: business news, Multibagger stock, stock market

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