cg power share price today Morning deals rose nearly 5 per cent to 52-week high. CG Power and Industrial Solutions shares opened with today’s upper margin ₹6.85 per share and went up to its 52-week high ₹144.75 each level. According to stock market experts, this sharp rise in the stock is due to the strong results of CG Power.
In Q2 results announced yesterday, CG Power’s net profit jumps 71.9 percent to approx. ₹188 crores. Company’s revenue from operations up 118.98 percent ₹1,453.79 crore in Q2 FY22 as compared to Q2 FY21. He added that the price of CG Power shares may rise further and take a hit. ₹180 per share level.
Speaking on the CG Power Q2 numbers, which boosted CG Power shares today; Avinash Gorakshakar, Head of Research, Profitmart Securities, said, “The stock is rising after strong quarterly numbers. The company has posted over 70 per cent growth in net profit, while its revenue from operations grew by almost 120 per cent. EBITDA climbed 164 per cent. ₹186 crores recently ended September 2021 as compared to ₹70 crores in the Q2 September 2020 quarter. Hence, the market was bound to react to this strong quarterly numbers and this sharp jump in the share price of CG Power should be viewed from this angle.”
CG Power shares expected to rise further; Sumeet Bagdia, Executive Director, Choice Broking said, “The stock is still looking bullish on the chart pattern. One can buy this counter by maintaining the stop loss at the prevailing levels. ₹120. for the short term goal of ₹from 170 ₹180 per share level.”
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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