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Shares of Crompton Greaves Consumer Electricals Ltd rose as much as 6.2 per cent to Rs 229.9, their highest since August 16. The stock posted its biggest intra-day percentage gain since May 24.
At about 11.10 am, the stock was quoting 1.67 per cent or Rs 3.60 at Rs 219.65 on the BSE.
On Thursday, Crompton Greaves has reported a 23 per cent jump in the second quarter profit and a 7 per cent rise in revenue from operations.
"The major surprise was on EBITDA margins, which expanded 247bp YoY despite input cost pressures from high metal prices," analysts at Credit Suisse said, raising their PT to Rs 290 from Rs 270 with an “outperform” rating
The rise in profit beat the 22 per cent growth that CLSA analysts had expected. Analysts said Crompton Greaves Consumer remains the brokerages' top pick in the consumer durables space
Fifteen of 22 analysts covering the stock have a “buy" rating, two have “hold” while five rate it at “sell"; media PT is Rs 252.
The stock was up 48.3 per cent this year, as of Thursday's close.
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