India's Techno Electric jumps on positive growth view

Techno Electric & Engineering

03/03/2023 09:04

** Shares of Techno Electric & Engineering Company  TEEC.NS 
rise as much as 9% to 345.70 rupees, highest in over a week
    ** Rise comes after domestic brokerage firm ICICI Direct
terms it one of the top picks in March
    ** Entry into data centre, smart metres business and
becoming a significant EPC player improves TEEC's revenue
visibility over the next few years, says ICICI Direct
    ** Expect revenue, core profit to grow at a compound annual
growth rate of 39.8% and 13.1%, respectively in FY23-25: ICICI
Direct
    ** PT at 500 rupees, a 58% implied upside over the last
close of 317 rupees
    ** Trading volume is 513,577 shares as of 2:25 p.m. IST,
more than twice the 30-day avg of 235,140 shares - Refinitiv
data
    ** Of the six analysts tracking TEEC, five maintain "buy"
and one suggests "hold"; median TP is 402.50 rupees


 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))