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Business News/ Markets / Stock Markets/  Multibagger stock: Transformers and Rectifiers share price jumps 5% on bagging 232 crores order from Power Grid
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Multibagger stock: Transformers and Rectifiers share price jumps 5% on bagging ₹232 crores order from Power Grid

According to analyst, Transformers & Rectifiers share price seems to be in an uptrend as it has been forming Higher Top Higher Bottom structure. The immediate supports are placed around ₹300 and ₹275.

Transformers and Rectifiers share price today opened at an intraday low of ₹345 and touched an intraday high of ₹358.65 apiece. (iStock)Premium
Transformers and Rectifiers share price today opened at an intraday low of 345 and touched an intraday high of 358.65 apiece. (iStock)

Transformers and Rectifiers (India) share price jumped nearly 5% on Monday's trading session, after the company bagged order worth 232 crores from Power Grid Corporation of India Ltd on Saturday. Transformers and Rectifiers share price today opened at an intraday low of 345 and touched an intraday high of 358.65 apiece. 

“Transformers & Rectifiers share price seems to be in an uptrend as it has been forming Higher Top Higher Bottom structure. The immediate supports are placed around 300 and 275," said Ruchit Jain, Lead Research Analyst at 5paisa.

Also Read: Transformers and Rectifiers share price zooms nearly 20% to hit all-time high; what's behind the rally?

The order, according to the company's exchange filing, is for the designing, engineering, manufacturing, testing at the manufacturer's works, and supply of five 500 MVA, 400/220/33kV, 3-Phase ICTs and five 500 MVA, 400/220/33kV, 3-Phase Auto Transformers, along with all necessary fittings and accessories for full execution, local transportation, loading and uploading, and installation services.

Within 21 months after the date the award notice was issued, the full project shall be completed, the company further added. 

Also Read: ICICI Bank, Honasa Consumer, Zomato and more: Jefferies lists 26 ‘buy’ ideas for Indian markets

The aforementioned order is a part of regular business operations and not fall within related party transactions, highlighted the company in its exchange filing. 

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In the December quarter, Transformers and Rectifiers (India) Ltd reported an 11.33% increase in its consolidated net profit to 15.72 crore, driven by a higher income. The company claimed in a statement that during the October-December quarter of the previous fiscal year, 2022–2023—it had recorded a consolidated net profit of 14.12 crore.

The company's total income climbed to 371.02 crore in the third quarter from 335.57 crore.

Transformers & Rectifiers is a prominent global producer offering an extensive array of transformers. Currently, Transformers & Rectifiers ranks second in India in terms of capacity among transformer manufacturers.

Also Read: Stocks To Buy: HDFC Securities sees 14-18% upside for SAIL

Multibagger returns

Over the last five years, the stock delivered multi-bagger returns. According to Trendlyne data, the stock price of Transformers & Rectifiers increased 506.88% over the previous year, outperforming its sector by 398.27%.

Trendlyne data shows that the stock has returned 883.40% to investors in the last two years, 2,051.19% in the last three years, and 3,261.86% in the last five.

“Transformers & Rectifiers stock has experienced a significant breakout above its 355 mark and has major support around the 334 levels. It has been moving in a higher high - higher low formation, indicating a positive uptrend on daily charts. Any pullback towards the 335-340 zone should present a good buying opportunity, with potential targets of 400 - 425 and beyond," advised Riyank Arora, Technical Analyst Mehta Equities Ltd.

Also Read: Madhu Kela portfolio: Ace investor buys 3.91% stake in multibagger stock that has surged 150% in YTD

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.

 

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Published: 26 Feb 2024, 11:15 AM IST
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