India's Techno Electric & Engineering hits 2-week high on sale of assets

Techno Electric & Engineering

09/02/2023 05:16

** Shares of Techno Electric and Engineering Company Ltd
 TEEC.NS  up as much as 4.2% at 376 rupees, their highest since
Jan. 20
    ** Co on Wednesday said it sold 37.50 MW of its wind power
assets out of the 111.90 MW located in Tamil Nadu
    ** Consideration for sale was approx 1.59 bln rupees ($12.10
million)
    ** Co also entered into memorandums of understanding for
sale of another 71.40 MW of its wind power assets
    ** Stock on track to rise for fourth consecutive session, if
gains hold
    ** 86,000 shares change hands by 10:31 a.m. IST, 0.8x the
30-day moving avg
    ** Brokerages bullish on the stock with all six analysts
rating it at "buy" or higher; median PT is 377.50 rupees -
Refinitiv data
    ** Stock up 12.7% so far this year after posting two
consecutive annual gains
($1 = 82.6150 Indian rupees)
 (Reporting by Kashish Tandon in Bengaluru)
 ((Kashish.tandon@thomsonreuters.com))