Speaking on the reason for rally in this Vijay Kedia portfolio share, Punit Patni, Equity Research Analyst at Swastika Investmart said, "Elecon Engineering Co. Ltd. will be one of the biggest beneficiaries of the current revival of the CAPEX cycle and upcoming industrial CAPEX. The company is among the market leaders in the industrial gears segment and the material handling equipment is witnessing a complete revamp due to the change in management’s focus to improve cash flows and profitability. The majority of the companies in the manufacturing segment have announced capacity expansion or have shown their intention to do so. The last decade has been a dampener on the industrial growth front, however, due to current high capacity utilization, government CAPEX & infra spending, and rising housing demand, the status quo is expected to change for the manufacturing sector. However, post the recent run up the stock has priced in most of the positives and we expect limited upside from the current price."
Expecting further upside in this Vijay Kedia stock, Mudit Goel, Senior Research Analyst at SMC Global Securities said, "The multibagger stock is forming higher highs and higher lows in chart pattern that means it is in uptrend. It may go up to ₹360 apiece levels in short term and shareholders of the stock are advised to hold the counter with a trailing stop loss at ₹322 levels. However, fresh buying in the counter is not advisable at current levels as the stock has already surged around 40 per cent in last one month."
Vijay Kedia shareholding in Elecon Engineering
As per the shareholding pattern of Elecon Engineering Company Ltd for April to June 2022 quarter, Vijay Kedia holds 20,75,000 shares, which is 1.85 per cent of total paid up capital of the company.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
