India's CG Power hits record high as March rally continues

CG Power and Industrial Solutions

20/03/2024 08:22

** Shares of CG Power  CGPO.NS  jump 7.3% to record high of
513.95 rupees in above-avg vol
    ** Stock last up ~5%, among top gainers in the Nifty 500
 .NIFTY500  and on pace for sixth consecutive session of gains
    ** Reuters could not immediately determine the reason for
stock move
    ** Nearly 11.5 mln shares traded, over 3x the 30-day avg and
busiest day since March 1
    ** On March 1, a CG-controlled three-way JV got the nod to
set up a chip assembly and test facility in Gujarat
    ** Since then the stock has gained 13.5%, on pace for its
best one-month gain since Nov 2023
    ** Analyst avg rating on CG is "hold"; median PT is 500
rupees - LSEG data

 (Reporting by Navamya Ganesh Acharya in Bengaluru)
 ((Navamya.GaneshAcharya@thomsonreuters.com; +91 8805175330 ;))