Shares of Engineers India have been on an impressive bull run this. The stock has climbed up over 16% in the past two months. Earlier this month the stock also hit a new 52-week high of ₹167.30 on September 5.
The Investment: A ₹10,000 investment in Engineers India on Sept. 14, 2022, would have bought you around 143 shares of the company. Fast forward to today, those 143 shares would have been worth around ₹20,520, doubling your initial investment.
Background: The government-controlled stock is an engineering consultancy and EPC (Engineering, procurement, and construction) company, catering to clients in India and abroad.
See Also: Why This HDFC, DSP Fund-Backed Midcap Stock Is Rocketing 12% Today
The government owns a 51.32% stake in the company. Apart from the government, the company’s shareholders include LIC, SBI Small Cap Fund, and DSP Small Cap Fund.
The company reported its earnings for the June quarter last month. The PSU’s revenue from operations slumped slightly to ₹747.3 crore from the ₹768 crore revenue it booked in the same quarter last year. Net profits for the quarter came in at ₹138.9 crore, more than double the ₹64.8 crore profit it booked in the same quarter in 2022.
However, post the results analysts at ICICI Securities downgraded the stock’s rating to ‘hold’ from ‘buy’ due to the recent run-up in the Engineers India share price.
Price Action: Engineers India’s share price was down 1.36% to trade at ₹144.95 in the early hours of trading on Wednesday.
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