Techno Electric Wins Rs 1,750-Crore Orders, Stock At All-Time High
The stock rose as much as 7.72% during the day to Rs 844.50 apiece on the NSE.
Shares of Techno Electric & Engineering Co. hit an all-time high on Friday after it won orders worth Rs 1,750 crore.
The company received a transmission order worth Rs 709 crore for three substation packages.
It also bagged an advance-metering-infrastructure order worth Rs 1,041 crore for REC Power Distribution Co. for 7.27 lakh smart meters in Kashmir on a design, build, finance, own, operate and transfer basis, it said.
Techno's stock rose as much as 7.72% during the day to Rs 844.50 apiece on the NSE. It was trading 4.82% higher at Rs 821.75 apiece compared to a 0.31% decline in the benchmark Nifty 50 at 10:29 a.m.
The share price has risen 148.83% on a year-to-date basis. The total traded volume so far in the day stood at 12 times its 30-day average. The relative strength index was at 72, implying the stock may be overbought.
Three out of the four analysts tracking Techno have a 'buy' rating on the stock and one recommends 'hold', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 168.2%.
