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Shares of KEI Industries have surged 23.4% in five trading sessions from its previous closing low of Rs 1003.75 posted on 29 November 2021. The counter hit a record high of Rs 1,264 in intraday today. The stock has zoomed 198% from its 52-week low of Rs 416 recorded on 14 December 2020.
On the technical front, the stock's RSI (relative strength index) stood at 71.465. 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 994.69 and 873.30 respectively. These levels will act as crucial support zones in near term.
KEI Industries is involved in manufacturing low tension, high tension and extra high voltage cables, along with control and instrumentation and specialty cables, house wires and stainless-steel wires.
On a consolidated basis, the company reported a 35% rise in net profit to Rs 91.71 crore on a 30.5% increase in net sales to Rs 1,353 crore in Q2 FY22 over Q2 FY21.
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