India's Ajax Engineering extends rally on Citi upgrade after upbeat Q2 results

AJAX Engineering

17/11/2025 07:23

** Concrete mixers and pumps maker Ajax Engineering's AJAX.NS shares rise as much as 7.81% to 675 rupees apiece; stock last up 7%

** AJAX jumped about 9% on Friday after posting a 15% year-on-year rise in the September quarter profit to 390.7 million rupees

** Citi Research upgrades AJAX to "buy" from "neutral", hikes price target to 735 rupees from 700 rupees, implying a potential upside of 18.4%

** Citi sees gains for AJAX from improvement in concrete demand, market share recovery, improved pricing environment

** Also says AJAX is poised to advance after the 16% drop in six months

** AJAX shares have risen 7.3% from their issue price of 629 rupees; the stock got listed on the bourses in February 2025, exchange data shows

(Reporting by Bharath Rajeswaran in Bengaluru)

((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))