Brokerage suggests purchasing this multibagger stock for over 30% return in a year, with a 140% return; be aware of the target price.

The stock remains rated as a “buy,” with Axis Securities setting a target price of Rs 1,145. The company’s shares finished at Rs 873.6 on May 18, 2024, a decrease of 0.15 percent from the previous closure on May 17. The stock might increase by up to 31% in this method from its current price.

Because of the Mumbai elections, the equities markets—including the stock, derivative, and SLB segments—will be closed tomorrow, May 19. The evening session will see the Multi-Commodity Exchange (MCX) open, after it closes in the morning.

In the meanwhile, corporate quarterly results, worldwide patterns, and overseas investors’ commercial ventures

will determine this week’s stock market trend. The next few weeks could see an upsurge in market volatility. Sensex concluded Saturday’s special trading session at 74,042.45, while Nifty 50 finished at 22,506.75.

Investors can purchase Pitti Engineering Limited (PEL) stock that has been selected by brokerage Axis Securities. In just one year, the stock has increased by more than 140%.

PEL: Axis Securities’ perspective
A well-known manufacturer of electrical steel laminations is Pitti Engineering. Axis Securities, a stockbroker, reports that the company’s fourth-quarter FY24 earnings were strong. PAT held steady, while sales exceeded projections. Revenue increased significantly as a result of a rise in value-added items. According to the brokerage, PEL has deliberately created its products to cater to market demands. which has enhanced financial success. Additionally, by offering value-added items, the business has been able to draw in additional clients and strengthen its competitive advantage.

Going forward, PEL’s revenue growth and profitability are likely to be greatly supported by the growing demand for renewable energy and marine applications in the global market. Both the Pitti Casting (PCPL) merger and the Bagadia acquisition will be advantageous to the business. The firm stated that the sector’s outlook is favorable.

Target Price for Pitti Engineering Share

The stock remains rated as a “buy,” with Axis Securities setting a target price of Rs 1,145. The company’s shares finished at Rs 873.6 on May 18, 2024, a decrease of 0.15 percent from the previous closure on May 17. Thus, the Stock may increase by up to 31% from its current price.

This multibagger stock has returned fifteen percent in just a single year. In contrast, the stock has increased by 21% in the last two years and by 1,180% in the last three.

Account opning link:

1. Groww Account- https://app.groww.in/v3cO/kyrp1zph
2. Kotak neo Account https://kotaksecurities.ref-r.com/c/i/32531/109103906