Techno Electric & Engineering Company Shares Dive 18% After Q3 Results

Techno Electric & Engineering Company Shares Dive 18% After Q3 Results

Shares of Techno Electric & Engineering Company fell in trading on Wednesday after reporting results for the December quarter (Q23). The stock is down 17.53 percent at Rs 305.85 for the day from its previous close of Rs 370.85. Some 47,000 shares changed hands on the BSE today, more than three times Techno Electric's two-week average volume of 14,000 shares. The acquisition turnover was 1.49 million euros, and the market capitalization (m-cap) was 3,664.65 million euros. Today there were 11,582 sell orders against 6,120 buy orders.

Techno Electric's net profit fell 72.52% to Rs 31.32 crore in the quarter ended December 2022, compared to Rs 113.99 crore in the same period last year (Q2'22). The company's revenue fell by 37.74% to Rs 185.26 crore in the third quarter of FY23 compared to Rs 297.56 crore in the previous quarter ended December 2021. Total expenses in the third quarter were 165.32 million .

At today's low of Rs.305.85, the stock is trading 21.78% higher than its 52-week high of Rs.391 touched on 10-Feb-2023. However, the stock has rallied 38.39% from its one-year low of Rs 221 hit on February 24 last year.

The stock is trading above the 100-day and 200-day moving averages, but below the 5-day, 20-day and 50-day moving averages. The 14-day relative strength index (RSI) is at 39.30. Readings below 30 are defined as oversold, and readings above 70 are considered overbought. The company's stock has a price-to-equity (P/E) ratio of 24.56.

Trendlines data shows that Techno Electric has an average price target of Rs 490, suggesting a potential upside of 48.98%. The scrip has a one-year beta of 0.86, indicating low volatility for the counter.

Techno Electric is one of India's leading power infrastructure companies. It provides engineering, procurement and construction (EPC), asset ownership and operation and maintenance services across the three segments of generation, transmission and distribution. Founded in 1963, the company is headquartered in Kolkata and operates in India and abroad. It was established with the aim of providing unique EPC services to leading industries in India. The company claims to be ahead of the curve with the latest technology and high-quality management standards, skilled employees and resource-subsidized manufacturers.

Meanwhile, Indian stocks were mixed in morning trade as losses in consumer staples and pharmaceuticals offset gains in autos and metals. As of 11:13 am, the 30-share BSE Sensex was down 47 points, or 0.08 per cent, at 60,985; The broader NSE Nifty, meanwhile, rose 2 points, or 0.01 percent, to 17,932.

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