Techno Electric & Engineering Company Shares Dive 18% After Q3 Results
Shares of Techno Electric & Engineering declined in trading on Wednesday after announcing its results for the December quarter (3FY23). The stock fell by 17.53% to an intraday low of Rs 305.85 from the previous close of Rs 370.85. About 47,000 shares traded on BSE today, more than triple Techno Electric's two-week average trading volume of 14,000 shares. The OTC turnover was Rs.1,490 crore for a market capitalization (m-ka) of Rs.3,664.65 crore. 11,582 shares were bought today for $6,120.
Techno Electric's net profit fell by 72.52% to Rs.31,320 crore in the quarter ended December 2022. In 2021, the company's sales fell by 37.74% to Rs.185.26 crore. 297.56 million in the previous quarter ending in December. Total spending in the third quarter was Rs. 165,320 crore.
At today's low of Rs 305.85, the stock is trading 21.78% below its 52-week high of Rs 391 reached on February 10, 2023. This is an increase of 38.39% from its low of Rs 221, he said. , reflected on February 24 last year.
The stock has recently been trading above the 100 and 200 day moving averages, but below the 5, 20 and 50 day moving averages. The 14-day RSI calculator came in at 39.30. A level below 30 is considered oversold and a level above 70 is considered overbought. The company shares a price-to-value (P/E) ratio of 24.56.
Techno Electric has an average price target of Rs 490, which indicates an upside potential of 48.98%, according to data by Trefriendne. The one-year beta of the scribble is 0.86, which indicates low volatility on the counter.
Techno Electric is one of the leading electrical infrastructure companies in India. It provides engineering, procurement and construction (EPC), asset ownership and operation and maintenance services in the three industry segments of generation, transmission and distribution. Founded in the year 1963 and headquartered in Kolkata, the company's business spans across India and abroad. Established to provide complete EPC services to major EPC industries in India. The company has taken a leading position on the basis of cooperation with manufacturers of modern technology, high-quality management standards, competent human resources and competent financing.
Meanwhile, benchmark indices in India were mixed in morning trade, as losses in consumer goods and pharmaceuticals offset gains in autos and metals. At 11:13 a.m., the 30-share BSE Sensex was down 47 points, or 0.08%, at 60,985. The broader NSE Nifty was up 2 points, or 0.01%, at 17,932.
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