Credit Suisse has maintained outperform rating on Escorts and raised target price to Rs 1,230 from Rs 1,170 per share.
Shares of Escorts added 4 percent intraday Tuesday as company posted robust numbers in the quarter ended June 2018 (Q1FY19).
The company posted 92.7 percent jump in its Q1 net profit at Rs 120.7 crore against Rs 62.64 crore in the same quarter of last fiscal.
Revenue from operations rose by 29.9 per cent to Rs 1,511 crore against Rs 1,163 crore.
Credit Suisse has maintained outperform rating on Escorts and raised target price to Rs 1,230 from Rs 1,170 per share.
According to Credit Suisse, the Q1 results were operationally better than expected. The outlook on both CE and railways is encouraging.
Continue to prefer Escorts as top midcap pick, it added.
At 11:06 hrs Escorts was quoting at Rs 937.50, up Rs 30.30, or 3.34 percent.
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