ELGI Equipments Share Price Surges in Intraday Trade

ELGI Equipments Share Price Surges/Mint

VoM News Desk | April 4, 2024 | 03:11 PM IST | Breaking News | Follow on Google News

ELGI Equipments Share Price Surges in Intraday Trade

ELGI Equipments Share Price Surges in Intraday Trade

ELGI Equipments share price experienced an upward trend throughout the day’s trading, opening on a positive note and reaching an intraday high of ₹664 apiece on the NSE, marking a significant 12% rise during the session.

Reasons Behind the Rally and Future Outlook

Experts attribute the surge in ELGI Equipments share price to its involvement in sectors such as pressure, pumps, and diesel engines, which are expected to benefit from the current infrastructural focus of the economy. Avinash Gorakshkar, Head of Research at Profitmart Securities, highlighted the positive market sentiment surrounding infrastructure projects, contributing to ELGI Equipments’ upward trajectory.

Projections and Recommendations

Sumeet Bagadia, Executive Director at Choice Broking, forecasts a potential breakout above ₹700 per share, with a short-term target of ₹725. Bagadia advises medium to long-term investors to hold the stock, anticipating further upside potential. For new investors, he recommends a buy-on-dips strategy, suggesting a stop loss at ₹625 per share level.

SBI Small Cap Fund Shareholding

The shareholding pattern for the October to December 2023 quarter reveals that SBI Small Cap Fund holds 3.18% of ELGI Equipments shares, signaling confidence in the company’s prospects.

VoM News Desk

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