Stock Market Report, 23 August 2023: Shares of Linde India Ltd (NSE: LINDEINDIA) hit a record high in trade after it won a large order from Indian Oil Corp Ltd. on Tuesday evening.
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The company will be setting up an air separation unit for production and supply of instrument air, plant air and cryogenic nitrogen to the IOCL Panipat Refinery Expansion Project. On completion, it will operate and maintain the facility for a period of 20 years. The company will fund the capital expenditure by using internal accruals.
The scrip rose 5.38% to Rs 6,070 apiece as of 9:49 a.m., as compared to a 0.05% advance in the NSE Nifty 50. The stock advanced as much as 6.92% intra-day to hit a record high at Rs 6,165 apiece.
It has risen 76.7% on a year-to-date basis. The total traded volume stood at 39 times its 30-day average. The relative strength index was at 86, implying that the stock maybe overbought.
Three analysts tracking the company maintain a buy rating on the stock. The average 12-month consensus price target implies a potential downside of 12.6%.
