Elecon Engineering Company Ltd., incorporated in the year 1960, is a Small Cap company (having a market cap of Rs 1828.86 Crore) operating in Engineering sector.
Financials
For the quarter ended 30-06-2021, the company reported a Consolidated Total Income of Rs 294.31 Crore, down -16.18 % from last quarter Total Income of Rs 351.12 Crore and up 116.47 % from last year same quarter Total Income of Rs 135.96 Crore. Company reported net profit after tax of Rs 26.98 Crore in latest quarter.
Investment Rationale
The share price of Elecon has formed higher base above Multi year breakout area of Rs 115 and has recently registered a breakout above the last 10 weeks range (Rs 155-115) signaling resumption of up trend thus offers fresh entry opportunity.
The brokerage expects the stock to head towards Rs 195 levels in the coming weeks as it is the measuring implication of range breakout (Rs 155-115=40) points added to breakout area of Rs 155 signalling upside towards Rs 195.
(Disclaimer: Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the stock/s mentioned.
