Buy Elecon Engineering Company, target price Rs 310: Axis Securities

Axis Securities has buy call on Elecon Engineering Company with a target price of Rs 310. The current market price of Elecon Engineering Company is Rs 269.7.

Time period given by analyst is Intra Day when Elecon Engineering Company Ltd. price can reach defined target. .
Elecon Engineering Company Ltd., incorporated in the year 1960, is a Small Cap company (having a market cap of Rs 3025.47 Crore) operating in Engineering sector.

Elecon Engineering Company Ltd. key Products/Revenue Segments include Transmission Line Equipment, Material Handling Equipments, Erection & Other Charges, Scrap, Export Incentives for the year ending 31-Mar-2022.


Financials
For the quarter ended 31-03-2022, the company reported a Consolidated Total Income of Rs 333.60 Crore, up 22.56 % from last quarter Total Income of Rs 272.19 Crore and down -4.99 % from last year same quarter Total Income of Rs 351.12 Crore. Company reported net profit after tax of Rs 45.68 Crore in latest quarter.

Investment Rationale
Weekly Rounding Bottom formation breakout and has bounced from the 20-day SMA (229)

Promoter/FII Holdings
Promoters held 59.26 per cent stake in the company as of 31-Mar-2022, while FIIs owned 1.71 per cent, DIIs 1.84 per cent.