Tata Group stock: Multibagger share surged over 100% in one year, more than 800% in 2 years; expert says scrip can clock 40% more returns from current levels

Shares of Tata Elxsi, a Tata Group company, were trading higher by around one per cent in BSE intraday trade on Wednesday. At Rs 184.7 crore, Tata Elxsi has reported a 15.4% Quarter on Quarter (QoQ) growth in profit after tax, while the PAT rose by 62.9% Year on Year (YoY).  

Shares of Tata Elxsi rose around one per cent in BSE intraday trade to Rs 8460 per share on Wednesday. Tata Elxsi is a multibagger stock which has gained despite weak market conditions. As on July 27, the multibagger share clocked over 100% return in one year and more than 800% return in two years. Tata Elxsi's 10 year-return comes at more than 7900% as on Wednesday.  

Stock market experts and brokerages have been largely bullish on the counter since the company posted robust q1 results. Here is what they say on Tata Elxsi share price.  

Ravi Singh, vice President and head of Research, Share India, on Tata Elxsi 

Tata Elxsi stock is witnessing lower level buying and accumulation. The surge in volumes has pushed the prices strongly higher and increases the volatility. The current momentum is well supported on the technical setup as most of the trend indicators are reflecting a strong up move ahead in the daily and intraday chart. Tata Elxsi share price will maintain this tempo to touch the levels of 8750 in a time span of 4 - 6 months. 

Ravi Singhal, CEO, GCL, on Tata Elxsi 

The counter looks great. It can go up to Rs 11000-12000 still from current levels. Maintain a stoploss of Rs 7700 

Manoj Dalmia, Founder and Director, Proficient equities Private limited, on Tata Elxsi  

Tata Elxsi might see some selling pressure in the short term, although a temporary rise is seen. We can see levels up to Rs 8076 in the near term and if further selling pressure is seen it might reach its 200 D EMA at Rs 7093. Outlook is slightly bearish as there is some uncertainty around inflation concerns globally which can involve some FII selling and margin reduction. 

Sharekhan on Tata Elxsi  

Earlier, brokerage firm Sharekhan has retained buy call on the counter with a target price of Rs 9200 per share.  

Tata Elxsi is well poised to capture market opportunities across the selected verticals and its adjacencies given its unique capabilities in design-led engineering, the brokerage had said.  

"We believe TEL is well placed to deliver another year of strong growth in FY2023E, given strong order intake, robust digital engineering capabilities, and large addressable markets," it said in a note post Tata Elxsi q1 results. 

Shares of Tata Elxsi rose around one per cent in BSE intraday trade to Rs 8460 per share on Wednesday. 

(Disclaimer: The views/suggestions/advice expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)