Home / Markets / Stock Markets /  Multibagger stock hits 52-week-high, ICICI-Sec is bullish for upside in 3 months
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Having a market worth of 1,711.06 crore, Titagarh Wagons Ltd. is a company that serves the industrial industry. With outstanding production capabilities, Titagarh has a subsidiary in Europe and another in India. With the addition of traction motors and vehicle control systems, the company's product line now includes electric propulsion machinery. The company manufactures wagons such as container flats, grain hoppers, cement wagons, clinker wagons, and tank wagons. The Titagarh group, an industry leader in producing freight and passenger rolling stock, has its headquarters in Kolkata, India. ICICI Securities, a brokerage company, is bullish on the shares of Titagarh Wagons and has recommended a buying range of Rs. 138-143 and advised placing a stop loss of Rs. 127. The brokerage has set a target price for the stock of 163.00 and a target period of 3 months, which represents a potential upside of 12% from the current market price. The stock reached a 52-week-high of 149.00 per share today during trading and closed at 144.50 per share, a gain of 6.17% from the previous close. The stock reached a 52-week low of 75.10 on 24-February-22, and it is currently trading 92.41% higher than that low.

ICICI Securities has said in a note that “The capital goods space has relatively outperformed the market and completely retraced its preceding six month’s corrective phase in just two months. A faster retracement is indicating end of correction and resumption of primary uptrend. Within midcap capital goods stocks, we remain constructive on Titagarh Wagons as it has recently registered a breakout above the bullish Flag like formation signalling continuance of the up move."

“Buying demand has recently emerged after a base above the 52-week EMA (currently at 102) and the rising demand line joining lows of April 2021 and February 2022. In the smaller time frame, it has also generated a faster retracement of the last major falling segment as nine week’s decline ( 117-94) was completely retraced in just two weeks. Faster retracement signals a robust price structure," said the brokerage.

“We expect the stock to continue its current up move and head towards 163 in coming weeks as it is the price parity with the previous up move ( 94-134) as projected from recent trough of 121," said the research analysts of the broking firm ICICI Securities.

The stock has produced a multibagger return of 270.59% during the last three years. The stock has risen by 55.84% over the past 12 months, and it has gained by 50.94% year to date in 2022. A total of 44,57,615 shares were traded today for a value of Rs. 6,438.58 lacs. The stock has a 20-day average volume of 990,440 shares.

The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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