Buy GE Power India, target price Rs 370: Yes Securities

Yes Securities has buy call on GE Power India with a target price of Rs 370. The current market price of GE Power India Ltd. is Rs 339.8. Time period given by analyst is Intra Day when GE Power India price can reach defined target.
GE Power India Ltd., incorporated in the year 1992, is a Mid Cap company (having a market cap of Rs 2295.82 Crore) operating in Power sector.

Financials
For the quarter ended 31-03-2021, the company reported a Consolidated Total Income of Rs 938.15 Crore, down -17.93 % from last quarter Total Income of Rs 1143.13 Crore and up 21.26 % from last year same quarter Total Income of Rs 773.65 Crore. Company reported net profit after tax of Rs 16.02 Crore in latest quarter.

Investment Rationale
After losing 14 per cent from the prior month’s high, the stock found renewed buying interest near its 50-day average. Recovery thereafter was swift. Hence, positive follow-up action could lift the stock towards the Rs 370 zone.

Promoter/FII Holdings
Promoters held 68.6 per cent stake in the company as of March 31, 2021, while FIIs held 1.4 per cent, DIIs 15.3 per cent and public and others 14.7 per cent.