|
Shares of the IT company have surged nearly 18.2% in two trading sessions from its previous closing low of Rs 594.70 posted on 5 January 2022. The counter hit a record high of Rs 749 intraday today. The stock has zoomed 451% higher from its 52-week low of Rs 127.60 recorded on 25 January 2021.
In last one month, the stock moved nearly 41% higher as compared to a nearly 4% rise in Nifty 50 index.
The counter saw demand after foreign brokerage house on 5 January initiated coverage on the company with a 'Buy' rating and a 12-month target market price of Rs 1,040 per share.
On the technical front, the stock's RSI (relative strength index) stood at 79.266. 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 480.05 and 407.66 respectively. These levels will act as crucial support zones in near term.
KPIT Technologies is a technological company focused on automobile engineering and mobility solutions. The company offers technology solutions to automobile OEMs under different practices such as power trains (conventional and electrical), connectivity, autonomous (vision and control systems) and diagnostics.
The company's consolidated net profit rose 133.42% to Rs 65.10 crore on 21.71% rise in net sales to Rs 590.87 crore in Q2 FY22 over Q2 FY21.
|