Apar Industries hits 52-week high; jumps over 10% in five days

Apar Industries rose 0.66% to Rs 1,623.25, extending its gaining streak for the fifth consecutive trading session.

Shares of the company jumped 10.75% in five trading sessions from its previous closing low of Rs 1,465.65 on 30 November 2022.

The stock hit its 52-week high of Rs 1,674.70 today. The counter has zoomed 190.6% from its 52-week low of Rs 558.60 hit on 11 May 2022.

On the BSE, 11,286 shares were traded in the counter so far compared with average daily volumes of 31,197 shares in the past two weeks.

The stock had outperformed the market over the past one month, rising 14.5% compared with 2.19% increase in the Sensex.

The scrip outperformed the market in past one quarter, surging 32.96% as against Sensex's 5.93% rise.

The counter had also outperformed the market in past one year, zooming 134.8% as against 8.5% jump in Sensex.

On the technical front, the stock's daily RSI (relative strength index) stood at 64.863. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

In daily chart, the stock is trading above its 50, 100 and 200 days simple moving average (SMA) placed at 1455.67, 1324.58 and 1021.85 respectively. These levels will act as crucial support zones in near term.

Apar Industries is one among the best-established companies in india, operating in the diverse fields of electrical and metallurgical engineering offering value added products and services in power transmission conductors, petroleum specialty oils and power & telecom cables.

The company's net profit jumped 80.4% to Rs 102.63 crore on a 42.1% rise in total income to Rs 3,215.80 crore in Q2 FY23 over Q2 FY22.

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