Zen Tech surges 40% in three days on defence orders, SBI Securities sees more upside
SBI Securities has a target of Rs 651 on the stock, valuing it at 42 times its one-year forward earnings
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SBI Securities has a target of Rs 651 on the stock, valuing it at 42 times its one-year forward earnings
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Foreign institutional investors (FIIs) are in particular worried about the impact of macro uncertainties in developed countries on Indian software exporters. After selling IT stocks worth over Rs 48,000 crore in FY23, FIIs sold another Rs 9,154 crore worth of IT stocks in Q1.
The share price rose 148 percent in last 6 months and 178 percent in last one year.
Shares of defense companies were up on Tuesday, with Premier Explosives leading the rally due to its robust order book and healthy pipeline. Other defense companies that saw gains were Bharat Dynamics, Zen Technologies, and Mazagon Dock Shipbuilders.