Transformers and Rectifiers (India) surges to 15-yr high

Transformers and Rectifiers (India)

11/01/2023 08:16

** Shares of Transformers and Rectifiers (India) Ltd
 TRNF.NS  rise as much as 10.5% to 70.8 rupees, highest in 15
years since Jan. 8, 2008
    ** ICICI Direct initiates coverage of the stock with a "buy"
rating, with a PT of 86 rupees and implied upside of 35%
    ** Brokerage says after stagnant performance for many years,
robust outlook with an all-time high order backlog will lead to
profitability across all parameters
    ** TRNF is aggressively targeting export markets like Middle
East, Russia, Africa and the US for enhancing export segment
revenues - ICICI Direct
    ** Nearly 4 mln shares change hands by 01:45 p.m. IST, more
than 5x the 30-day avg
    ** Stock trading above 50-day (58.18 rupees), 100-day (53.75
rupees) and 200-day (42.73 rupees) simple moving averages,
suggesting bullish momentum
    ** The moving average convergence divergence (MACD) line has
been above the signal line since Jan. 5, indicating bullish bias
    ** Stock up ~58% last year
 (Reporting by Priya Sagar in Bengaluru)
 ((Priya.Sagar@thomsonreuters.com;))