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Shares of JBM Auto have surged nearly 27.2% in four trading sessions from its previous closing low of Rs 1,230.25 posted on 5 January 2021. The counter hit a record high of Rs 1,565.20 in intraday today. The stock has zoomed 415% from its 52-week low of Rs 303.9 recorded on 11 January 2021.
The counter saw demand after the company's board on 8 December approved the proposal of sub-division of equity share having face value of Rs 5 each fully paid up into equity shares having face value of Rs 2 each fully paid up at the record date to be determined. The stock split is subject to approval of shareholders through postal ballot.
The company expects completion of stock split approximately 3 months from the approval.
On the technical front, the stock's RSI (relative strength index) stood at 81.949. 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 1003.16 and 757.64 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).
The company posted a 23.5% rise in net profit to Rs 25.30 crore on 45.5% increase in net sales to Rs 752.72 crore in Q2 FY22 over Q2 FY21.
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