ICICI Direct has buy call on Elgi Equipments with a target price of Rs 215. The current market price of is Rs 209.45.
Elgi Equipments Ltd., incorporated in the year 1960, is a Mid Cap company (having a market cap of Rs 6320.75 Crore) operating in Electric/Electronics sector.
Financials
For the quarter ended 31-12-2020, the company reported a Consolidated Total Income of Rs 553.78 Crore, up 14.06 % from last quarter Total Income of Rs 485.53 Crore and up 17.59 % from last year same quarter Total Income of Rs 470.95 Crore. Company reported net profit after tax of Rs 34.78 Crore in latest quarter.
Investment Rationale
The brokerage expects the stock to continue with its current positive momentum and head towards Rs 215 levels as it the 150% external retracement of the previous decline (Rs 193 to Rs 150) placed around Rs 215 levels
