Elgi Equipments bucks weak market trend; zooms 54% in five weeks

The company remains optimistic with respect to growth in FY23 and are well prepared to achieve revenue targets for the year

Shares of Elgi Equipments (Elgi) rallied 5 per cent to Rs 397 on the BSE in Friday's intra-day trade on healthy business outlook. In comparison, the S&P BSE Sensex was down 0.43 per cent at 51,273 points at 01:07 PM.

The stock of the compressors & pumps' maker has zoomed 54 per cent in the past five weeks as compared to 3 per cent decline in the benchmark index. It had hit a 52-week high of Rs 422.70 on February 8, 2022.

Elgi manufactures wide range of air compressors (around 90 per cent of revenue) and automotive equipment