From Business Today: 2024-05-07 02:57:49

Shares of CG Power and Industrial Solutions Ltd soared to a record high of Rs 584.90 before settling at Rs 557.65, up 1.93%. The company reported a 10% decline in net profit for Q4 FY24 but saw an increase in total income. Overall, consolidated net profit for fiscal 2023-24 rose to Rs 871 crore.

Technical analysts remain optimistic about CG Power’s stock, with potential targets ranging from Rs 600 to Rs 635. Support levels are at Rs 570, Rs 555, and Rs 545. Promoters hold a 58.11% stake in the company, which is part of the Murugappa Group with a market cap of Rs 74,200 crore.

Analysts advise caution, with support at Rs 555 and resistance at Rs 585. Despite being overbought on daily charts, CG Power is expected to rally towards Rs 635 in the near term. Investors are advised to consult a financial advisor before making any investment decisions based on this information.



Read more at Business Today: CG Power shares surge 7% to hit all-time high; here’s what analysts say