Electric equipment stock jumps 4% to reach a new 52-week high; Do you own it?

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Electric equipment stock jumps 4% to reach a new 52-week high; Do you own it?

CG Power and Industrial Solutions Limited gained 4 percent till the afternoon on Tuesday and reached a 52-week high of Rs 319.15. In the past month, the stock has jumped by 10 percent.

In Q3FY23, their consolidated revenue stood at Rs 1,775.44 Crore which increased 14 percent YoY from Rs 1,775.44 Crore and 5 percent QoQ from Rs 1,696.27 Crore. Their net profit, however, declined 58 percent to Rs 229.77 Crore compared to Rs 545.22 Crore in Q3FY22. On a sequential basis, their profits increased 28 percent from Rs 179.31 Crore.

In addition to that, CG Power and Industrial Solutions was able to repay all its outstanding borrowings in the period and has turned into a Zero debt company. It continues to be a Market leader and Volume player in the Motors business.

CG Power & Industrial Solutions is a global enterprise providing end-to-end solutions to utilities, industries, and consumers for the management and application of efficient and sustainable electrical energy.

The stock traded at Rs 42 a piece on NSE in February 2021. From there it has risen up to the current levels representing a multibagger return of 647 percent in 2 years. An investment of Rs 1 lakh then would be worth Rs 7.47 lakhs.

Tube Investments of India (NS: TBEI ), its promoter, holds a 58.05 percent stake in the company while the promoter’s pledge stands at 87.74 percent. The Foreign Institutional Investors (FIIs) have a holding of 12.96 percent.

Written by Anoushka Roy

The post Electric equipment stock jumps 4% to reach a new 52-week high; Do you own it? appeared first on Trade Brains.

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