Shares of Linde India have clocked strong gains during the last few trading sessions. The stock rose 19 per cent to hit an all-time high of Rs 2,728 on the BSE in intra-day trade today. It ended 12 per cent higher at Rs 2561.50 against the previous close of Rs 2,286.75. Market cap of the firm rose to Rs 21,845.55 crore.
As per the share price history, Linde India’s share on BSE closed at Rs 1,903 on August 18, 2021. It hit an all-time high of Rs 2,728.00 today. In a week, the stock has delivered 43 per cent returns.
The share stands higher than 5 day, 10 day, 20 day, 50 day, 100 day, and 200 day moving averages. It has gained 236 per cent in the last 12 months and risen 164 per cent since the beginning of this year.
Linde India Limited, formerly BOC India Limited, is a member of Linde Plc. and one of the leading industrial gases company in India. The stock has been gaining after Prime Minister Narendra Modi announced a National Hydrogen Mission.
“Green Hydrogen is the future of the world. Today, I announce the setting up of the National Hydrogen Mission with the aim of becoming the new global hub of Green Hydrogen, and also its largest exporter,” he said in his Independence Day address.
The Mission was first announced in this year’s Union Budget in February and companies have since then queued up to announce projects. But neither that announcement nor Modi’s speech on Sunday defined production or capacity targets.
The company supplies a variety of gases and mixtures as well as provides a range of related services including the construction and installation of plants, equipment, pipelines and associated engineering services catering to the needs of a wide variety of industries.
The Project Engineering Division (PED) comprises the business of designing, supply, installation and commissioning of tonnage air separation units (ASU) of medium to large size, and projects relating to setting up of nitrogen plants, pressure swing adsorption (PSA) plants and gas distribution systems. PED also manufactures cryogenic vessels for in-house use as well as for sale to third party customers.
The company reported a net profit of Rs 72.50 crore for the quarter ended June 2021 compared to a profit of Rs 19.81 crore in the year-ago period. Revenue from operations grew 109 per cent to Rs 519.17 crore in the June-ended quarter against Rs 248.13 crore a year ago.
According to MarketsMojo, the company has declared positive results for the last 3 consecutive quarters. The technical trend has improved from Mildly Bullish on 03-Aug-21 and the stock is technically in a bullish range. Multiple factors for the stock are bullish like MACD, Bollinger Band, KST, DOW and OBV. However, it noted that the valuation is very expensive right now.
