HEG hits new high; stock zooms 56% in 6 trading days

The stock hit a new high of Rs 4,950, rallied 56% in past six trading days, after BofAML initiated coverage of the stock with a 'Buy' rating and target price of Rs 6,700 per share.

Shares of HEG hit a new high of Rs 4,950, up 15%, extending its gains for the past one week of over 30% on the BSE, after Bank of America Merrill Lynch (BofAML) initiated coverage of the stock with a 'Buy' rating and target price of Rs 6,700.

The stock surpassed its previous high of Rs 4,560 recorded on August 2, 2018. It zoomed 55% in past six trading days from Rs 3,182 on October 8, as compared to a 2% rise in the S&P BSE Sensex.

“HEG has seen a significant rise in profitability over the last