Shares of TCI Express Ltd. rose over 15% in intraday trade to a record Rs 1,895 apiece after the company reported strong growth in second quarter revenue and net income, on Friday.
ICICI Direct Research expected newer services like rail express and pharma cold chain to contribute 25% of revenue from the current 15%.
The brokerage said that automation of sorting centers would halve the laden time in moving the goods in and out as it bestowed TCI Express a ‘buy’ recommendation with a target price of Rs 1,950.
Of the 15 analysts tracking the company, 11 maintained ‘buy’, three maintained ‘hold’ and one maintained ‘sell’ recommendation. The overall consensus price of analysts tracked by Bloomberg implied a downside of 8%.
Trading volume on the stock was 21.3 times the 30-day average volume for this time of the day. The relative strength index on the stock was at 78, suggesting it may be overbought.
