CG Power Share Price Surges by 4% to Reach Rs. 660
CG Power and Industrial Solutions recently saw a 4% increase in its share price, reaching Rs. 660. As a result, foreign brokerage firm UBS has raised the company’s share target price, leading to a surge in its shares. UBS has set a new target of Rs. 850 for CG Power shares, representing an approximate 35% increase from the current market price. The previous target for the company’s shares was Rs. 580. CG Power, also known as Crompton Greaves Limited, is said to be strategically allocating its capital and fund allocation, which could increase its profitability in the coming quarters.
Analysts Predict Growth for CG Power
Analysts believe that the company’s careful capital allocation and strong fund allocation could enhance its profitability in the medium term. Additionally, strong fund allocation could also boost the company’s revenue. As of Thursday afternoon, CG Power shares were trading at Rs. 647.35 on the NSE, up by 2.5%. The share price of CG Power and Industrial Solutions has increased by 18% in the last month and nearly 44% since the beginning of the year.
CG Power Reports Increased Profit in Q1
In the first quarter of the financial year, CG Power’s standalone net profit increased slightly to Rs. 240.59 crore, compared to Rs. 240.23 crore in the same quarter of the previous year. The company’s profit also rose on a quarterly basis, with a standalone profit of Rs. 1,004 crore, up by 28% from Rs. 785 crore. CG Power’s consolidated revenue for the year increased from Rs. 1,902 crore to Rs. 2,191 crore.
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