India's CG Power hits record high on Q4 revenue rise

CG Power and Industrial Solutions

07/05/2024 10:29

** Shares of CG Power and Industrial Solutions  CGPO.NS  up
4.6% to a record high of 571.6 rupees
    ** The heavy electrical equipment maker said its Q4 revenue
from ops grew 15%, while pre-tax profit rose ~7% 
    ** Brokerage Nuvama ups PT on stock to 640 rupees from 520
rupees earlier, current PT at 17% premium on last close; retains
"Buy" rating 
    ** Adds demand in power and railways segment remains strong,
while co's tie-up with a Korean major can add to order book over
FY25-26 
    ** At least four brokerages increased PTs on the stock post
results, per LSEG data 
    ** Analysts' avg rating on stock is "Hold", their median PT
is 555 rupees 
    ** Including session's gains, stock up ~25% so far this year


 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))