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Shares of JBM Auto have surged nearly 34% in four trading sessions from its previous closing low of Rs 702.35 posted on 11 November 2021. The counter hit a record high of Rs 966.30 in intraday today. The stock has zoomed 318% from its 52-week low of Rs 225 recorded on 22 December 2020.
The counter saw demand after the company posted robust second quarter results on 11 November 2021. On a consolidated basis, the commercial vehicle maker posted a 23.5% rise in consolidated net profit to Rs 25.30 crore on a 45.5% increase in net sales to Rs 752.72 crore in Q2 FY22 over Q2 FY21. Profit before tax stood at Rs 42.13 crore in Q2 FY22, rising 33.7% year on year from Rs 31.51 crore posted in Q2 FY21.
On the technical front, the stock's RSI (relative strength index) stood at 84.746. 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 50 and 100 days simple moving average placed at 574.53 and 521.27 respectively. These levels will act as crucial support zones in near term.
JBM Auto is the flagship company of the JBM Group. The group has a diversified portfolio with presence in multiple domains such as automotive, engineering & design services, renewable energy, railways and original equipment manufacturer (OEM).
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