Engineers India Ltd makes a new life time high

Engineers India Ltd has recorded a stellar weekly breakout in the Nifty 500, positioning itself at the absolute forefront of India's capital goods and public sector undertaking (PSU) rally. Engineers India Limited continues to benefit from accelerating capital expenditure in domestic hydrocarbon processing and green energy infrastructure. The companies net Profit After Tax (PAT) surged 55% YoY to ₹108.6 crore. This dramatic bottom-line growth was driven by lower subcontracting costs and an expansion in high-margin consultancy fees. As of June 30, the firm boasts a robust order book standing at ₹14,424 crore. Technically the stock has given a break out after consolidation on weekly charts and has made a new life time high with momentum indicator RSI crossing above 70 in weekly charts. The MACD histogram is above zero with increasing green bars. The stock is trading above all its short term, medium term and long term daily exponential moving averages.