having market value of 1,711.06 Cr., Titagarh Wagons Limited is a company serving the Industrial Industry. With excellent production capabilities, Titagarh has one subsidiary in Europe and the other in India. With the addition of traction motors and vehicle control systems, the company’s product line now includes electric propulsion machinery. The company manufactures wagons such as container flats, grain hoppers, cement wagons, clinker wagons and tank wagons. The Titagarh Group, an industry leader in the production of freight and passenger rolling stock, is headquartered in Kolkata, India. Brokerage ICICI Securities is bullish on Titagarh Wagons shares and has recommended a buy range of Rs. 138-143 and advised to keep a stop loss of Rs. 127. The brokerage has set a target price for the stock of 163.00 and a target period of 3 months, which represents a potential increase of 12% from the current market price. Stocks hit 52-week high 149.00 per share during trading today and closed at 144.50 per share, a gain of 6.17% from the previous close. Shares hit 52-week low 75.10 on 24-Feb-22, and it is currently trading 92.41% higher than that low.
ICICI Securities said in a note that “the capital goods space has outperformed the market and completely retraced its previous six-month corrective phase in just two months. A sharp retracement marks the correction of the primary uptrend and Is showing signs of resumption. Within Midcap Capital Goods stocks, we remain constructive on Titagarh Wagons as it recently registered a breakout above the bullish flag, indicating an upside move .
“Buying demand has recently surfaced after a base above the 52-week EMA (currently) 102) and a rising demand line joining the April 2021 and February 2022 lows. On the shorter time frame, it has also produced a bullish retracement of the previous major falling block in the form of a nine-week decline ( 117–94) was completely withdrawn in just two weeks. A sharp retracement indicates a strong price structure,” the brokerage said.
“We expect the stock to continue its current upward trend and continue 163 in the coming weeks as it is price parity with the previous upward move ( 94-134) as inferred from the recent trough 121,” said research analysts at broking firm ICICI Securities.
The stock has given a multibagger return of 270.59% during the last three years. The stock is up 55.84% over the past 12 months, and is up 50.94% so far in 2022. A total of 44,57,615 shares were traded today at Rs. 6,438.58 lakh. The stock has a 20-day average volume of 990,440 shares.
The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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