Fundamentals have got poor over last few years. EIL' s core high margin business- consultancy is dwindling, the share of very low turn key projects business is increasing. Low oil price over last 5 years have dented new orders in Middle east also. Acquiring a small stake of 4.93% in Numaligargh Refinery and squandering cash reserves of appx 800 Cr is for the benefit of the Govt. and doesn't add any good earning power to EIL. Technically it is a good chart of course.
MandeepSinghKohli
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@LearningJoe Thanks for adding fundamental touch...
LearningJoe
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@MandeepSinghKohli, My pleasure, of little I understand. The wind is blowing in favor of PSU's. So one can make some money here also.
Sandeep_Aggarwal
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@LearningJoe, Correct.. However charts factor everything.. good as well as bad fundamentals..