Multibagger stock: Zen Technologies share price has been skyrocketing from the last 9 trading sessions after the government unveiled the liberalised new drone rules. In less than a fortnight, this Hyderabad-based defence company’s scrip has become a multibagger stock delivering around 120 per cent return to its shareholders.
According to stock market experts, the stock has recently broken its hurdle at ₹169 and it may go up to ₹225 soon. The drone manufacturer has recently got ₹155 crore supply order from Indian Air Force. Additionally, the recent decision by the govt to ease drone rules is also fueling this defence stock’s rally, say analysts.
Zen Technologies order book has jumped from around ₹190 crore in June 2021 to around ₹400 crore in July to August period, more than doubling in the last two months.
Avinash Gorakshkar, Head of Research at Profitmart Securities said, “The market is speculative about GoI allowing drone use in e-commerce sector for supply of orders. In that case, Zensar Technologies will be the major beneficiary and hence the stock is a portfolio stock that one can keep in portfolio. However, he advised investors to wait for profit-booking as the stock has already scaled too high.”
Advising Zensar Tech shareholders to hold the counter further; Mudit Goel, Senior Research Analyst at SMC Global Securities said, “The stock had some hurdle at ₹169, which it has already breached. So, those who have this stock in their portfolio can further hold this counter for the immediate target of ₹202. However, they must maintain trailing stop loss at ₹170.”
Unveiling important levels in regard to Zen Technologies shares; Santosh Meena, Head of Research at Swastika Investmart Ltd said that the defence stock is likely to head towards ₹200 to ₹225 level as it has broken its ₹169 hurdle.
Taking cue from this drone manufacturing stock, another aerospace stock Taneja Aerospace Aviation has hit 20 per cent upper circuit today. The stock opened today with an upside gap of ₹0.25 and went on to hit 20 per cent upper circuit at ₹52.95 per stock levels. This is a Pune-based non-military aircraft manufacturer and it has submitted its annual FY21 report in which, it has reported rise in PAT and Gross Income compared to FY20. In FY 2020-21 it has reported Gross Income of ₹348.15 crore against the Gross Income of ₹325.223 crore in FY 2019-20. Similarly, it has reported PAT at 62.275 crore in FY 2020-21 against ₹58.407 crore in FY2019-20.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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