Elecon Engineering Shares Surge Amid Strong Order Book and Export Growth

Elecon Engineering Company's stock price rose nearly 7% on Monday, despite a sharp sell-off in the broader Indian market.

The sell-off was driven by rising crude oil prices, pressure on the rupee, and elevated global bond yields.

Axis Securities has recommended buying Elecon Engineering shares, with a target price of ₹505 per share, implying an upside of around 10% from the current market price.

The brokerage highlighted several factors supporting Elecon's outlook, including its strong order book, robust order inflows, improving exports, and growth in its Gear division.