AIA Engineering Share Technical Analysis
AIA Engineering share price (AIAENG) witnessed a strong upward movement recently given the multi-year breakout. The stock price closes above its previous swing price of 2017 with a strong volume. Technically, AIA Engineering share price formed a “W” pattern with higher high and higher low and given breakout at 2025 level and closed above it. Additionally, all the moving averages are in favor of the script with the short-term moving average crossing the long-term moving average from below which indicates a strong upward movement ahead.
Further, AIA Engineering share price witnessed a strong volume above its long-term moving average over the last month. Trend indicators such as MACD, RSI, and ADX are in favor of the script. AIA Engineering share price can easily reach a target price of 2454 within three months and 3000 is possible within 6 to 12 months.
AIA Engineering Share Fundamental Analysis
AIA Engineering specializes in the design, development, manufacture, installation, and servicing of high chromium wear, corrosion, and abrasion-resistant castings used in the cement, mining, and thermal power generation industries. With the government focusing on infrastructure investment, particularly in the power sector, this will benefit the company.
The company registered a strong number in March 2022 with consolidated net sales increased by 27.11% YoY. Quarterly Net Profit is also gone up by 45% to Rs. 194.61 crore in March 2022 from Rs. 133.76 crore in March 2021. EBITDA went up by 37.5% to Rs. 264.68 crore in March 2022 from Rs. 192.48 crore in March 2021 while EPS has increased to Rs. 20.63 in March 2022 from Rs. 14.18 in March 2021.
While promoters holding in the company remains the same at 58.47%, DII shareholding has gone up to 20.75 in March 2022 from 20.19 in December 2021 and FII shareholding slightly declined from 18.79 to 18.08 during the same period. One can keep adding this share in market down time.
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