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Elecon Engineering shares rally as Axis cites strong order inflows
Axis Securities says Elecon logged a record consolidated order book of ₹1,518 crore and Q1 FY27 order inflows of ₹755 crore, up 23% year on year.
Elecon Engineering shares jumped nearly 7% on 28 September, even as the broader Indian stock market saw a sharp sell-off, according to LiveMint Markets. The article notes that crude oil prices rising, pressure on the rupee, and elevated global bond yields weighed on overall sentiment.
Over the past five trading sessions, the stock has gained more than 16%, the outlet said. It also flags that the market was approaching the month-end expiry of Nifty and Bank Nifty contracts on Tuesday, which could raise volatility.
LiveMint Markets reports that Axis Securities recommended a BUY and set a target price of ₹505 per share, implying about 10% upside from the current market price at the time. The brokerage pointed to a strong order book, robust order inflows, improving exports, and growth in the company's Gear division as key drivers.
The outlet adds that Axis cited Elecon achieving a record consolidated order book of ₹1,518 crore and quarterly order inflows of ₹755 crore in Q1 FY27, up 23% year on year, with the backlog supporting medium term earnings visibility.
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