Calcutta Electric Supply Corporation ticker is in the news for trading at all time high levels. On Monday morning the stock was trading at Rs 1,010.5 up by nearly 6% on NSE. At such times, it is not uncommon for investors to keep away from the stock, and exercise caution. However, market expert Ashwani Gujral says that the stock still has upside. The technical analyst says that the stock is buy at these levels. In conversation with CNBC TV18 he said, “CESC is a buy with a stop loss of Rs 980 and target of Rs 1,040.”
The stock has returned more than 49% in the year so far. In comparison the S&P BSE Midcap Index is up by 27% since January. The stock has also outperformed S&P BSE Power Index by a staggering 35% margin. The other power companies gaining in trade were Adani Power, Inox Wind and JSW Energy, up by nearly 4.5% each.
Adani Enterprises said on Monday it plans to begin work in October to build the controversial Carmichael coal project in Australia, aiming to make its first shipment in March 2020.
Shares of all four Adani companies got a boost from news – Adani Enterprises gained the most rising as much as 7.59% to Rs 117.65, Adani Power advanced 5.08% to Rs 30, Adani Transmission rose 4.23% to Rs 113.45 while the heavyweight stock Adani Ports was trading little higher, up 1.88% to Rs 387.1.The project has been delayed for years by court challenges from green groups and indigenous groups concerned about climate change, and the impact on native land and water supply, but those challenges have been rejected.
All the sectoral indices inched up on the bourses with pharma, realty, and IT stocks rising the most. Since today morning the benchmark Sensex is trading higher and gained over 200 points in the early afternoon trade to 31,809.7 points.