22 Oct , 2021 By : Kanchan Joshi
CG Power share price today shot up around 5 per cent hitting 52-week high in early morning deals. CG Power and Industrial Solutions shares today opened with an upside gap of Rs6.85 per shares and went on to hit its 52-week high of Rs144.75 apiece levels. According to stock market experts, this sharp upside move in the stock is due to the strong CG Power results.
In the second quarter results announced yesterday, CG Power net profit has jumped 71.9 per cent to around Rs188 crore. Company's revenue from operations surged 118.98 per cent to Rs1,453.79 crore in Q2 FY22 compared to Q2 FY21. They said that CG Power shares price may further go upward and hit Rs180 per share levels.
Speaking on CG Power Q2 numbers that fueled CG Power shares today; Avinash Gorakshkar, Head of Research at Profitmart Securities said, "The stock is rising after strong quarterly numbers. The company has reported more than 70 rise in net profit while its revenue from operations grew around 120 per cent y-o-y. Its EBITDA climbed 164 per cent to Rs186 crore in recently ended September 2021 as compared to Rs70 crore in Q2 September 2020 quarter. So, the market was bound to react to this strong quarterly numbers and this sharp upside moves in the CG Power share price has to be seen from this angle."
Expecting further rise in CG Power shares; Sumeet Bagadia, Executive Director at Choice Broking said, "The stock still looks bullish on chart pattern. One can buy this counter at current levels maintaining stop loss at around Rs120 for short-term target of Rs170 to Rs180 per share levels."
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