Business · India Bureau
Dhoot Transmission hits 52-week high on analyst optimism
Shares of Dhoot Transmission surged 6 per cent to reach a 52-week peak, extending gains to 70 per cent since the company's initial public offering. The rally comes as Ambit Capital initiated coverage with a bullish stance.
LSN India ·
Dhoot Transmission shares climbed to their highest level in a year on Wednesday, building on strong momentum since its public listing. The stock gained 6 per cent during the session, reflecting growing investor confidence in the transmission equipment manufacturer.
Ambit Capital has initiated research coverage on the company with a 'Buy' rating and set a target price of ₹1,598 per share. At the previous close of ₹1,404, the target implies potential upside of approximately 14 per cent, suggesting analysts see further room for appreciation.
The strong performance underscores the investor appetite for the company's growth prospects. Since listing, Dhoot Transmission shares have appreciated by 70 per cent from their IPO price, demonstrating sustained demand from the market.
The initiation of analyst coverage typically signals institutional attention on lesser-known stocks, and can catalyse broader market participation. The buy rating from Ambit Capital adds to the positive sentiment surrounding the transmission sector as India's automotive and industrial output accelerates.