Crompton Greaves Consumer Electricals witnessed a strong rally on Monday, with its shares rising 15 per cent to hit fresh 52-week high of Rs 179.90. Bullish sentiment in the stock was attributed to the Mumbai-based company's stellar performance in Q1.
Crompton Greaves Consumer Electricals, which makes appliances such as fans and geysers, reported a 38 per cent sequential rise in Q1 net profit at Rs 92 crore on Friday. Its revenues jumped to Rs 1,121 crore in Q1 as against Rs 1,002 crore in the March quarter.
Global brokerage CLSA initiated coverage on the stock with a "buy" call for a target price of Rs 192, which indicates a potential upside of 22 per cent from Friday's closing price Rs 157.
Shares of Crompton Greaves Consumer Electricals closed 5.61 per cent higher at Rs 165.80 a piece compared to a flat Nifty.