Brokerage firm Anand Rathi has chosen small-cap company Patel Engineering as its monthly stock pick. Vijay Kedia supported shares experienced a decline of ₹64.90 to ₹59.50 per share year-to-date (YTD), marking a decrease of approximately 8.32 percent over this period.
However, in the assessment of Anand Rathi’s equity research team, the stock has moved beyond its base-building phase and is poised to deliver significant upside potential. The brokerage firm has assigned a “buy” recommendation to this small-cap stock, setting a near-term target price of ₹66 per share.
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What is Patel Engineering’s share price today ₹59.50 per share, the brokerage expects about 15 percent upside at the time of writing.
“Patel Engineering recently experiencing a major decline, is currently hovering around the 56 mark, closely mirroring its 200-day Simple Moving Average (SMA). Despite a recent reversal of a bullish beat pattern, the stock has entered a correction phase over the past 4-5 trading sessions sessions,” the brokerage firm said in its report.
Over the past six months, the stock has seen an increase of more than 16.67 percent, and over the last year, it has increased by a remarkable 288.89 percent, on the National Stock Exchange (NSE).
Regarding his advice to the stock market investors regarding Patel Engineering shares, Anand Rathi’s technical report further said, “Interestingly, during this correction, the size of the bearish candles was relatively small, suggesting a possible easing of selling pressure. Therefore, there seems to be an opportunity for investors to BUY within the range of 56-58, with an advanced target of 66. A cautious approach would involve setting a stop-loss around 53, based on daily closing prices, to mitigate potential losses.”
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An infrastructure and construction services company has announced a significant increase in its consolidated net profit to ₹70.2 crore for the quarter ending December 2023, driven by increased revenue.
According to the company’s registration with the exchange, this marks a large increase compared to the ₹19.4 crore net profit recorded during the same period in the previous financial year 2022-23.
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Published: 16 Apr 2024, 18:54 IST