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Shares of Prince Pipes and Fitting have soared nearly 33% in six trading days from its previous closing low of Rs 112.45 on 31 July 2020.
The company on Thursday (6 August 2020) announced a technical collaboration with Tooling Holland BV to strengthen technical competence and enhance operational efficiencies.
Tooling Holland BV is a privately held company with over 30 years of experience in the development and production of injection moulds. This association will enable Prince Pipes to draw upon Tooling Holland's technical expertise and deep knowledge, build skills at par with international standards, significantly enhance internal operational efficiencies, optimize production costs.
On the technical front, the stock's RSI (relative strength index) stood at 86.009. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
The stock is trading above its 20 and 50 days simple moving average placed at 113.36 and 110.33 respectively. These levels will act as crucial support zones in near term.
Prince Pipes and Fittings is an integrated piping solutions & multi polymer manufacturer.
The company's net profit slumped 57.6% to Rs 11.25 crore on a 20.4% decline in net sales to Rs 302.48 crore in Q1 FY21 over Q1 FY20.
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