Shares of VIP Industries have risen 7.48% in four trading sessions from its recent closing low of Rs 535 on 10 June 2022.
In the past one year, the stock has surged 41.99% while the benchmark Sensex declined 1.75% during the same period.
On the technical front, the stock's daily RSI (relative strength index) stood at 46.598. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
On the daily chart, the stock was trading below its 50-day, 100-day and 200-day simple moving average (SMA) placed at 624.55, 633.69 and 588.54, respectively. These levels will act as crucial resistance zones in near term.
VIP Industries is the leading manufacturer of hard and soft luggage in Asia. The company reported consolidated net profit of Rs 12.39 crore in Q4 FY22 compared with net loss of Rs 3.78 crore in Q4 FY21. Net sales surged 46.5% to Rs 355.90 crore in Q4 FY22 from Rs 243 crore recorded in Q4 FY21.
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