Atul Auto gains on commencing 3-wheeler production at Bhayla plant

Atul Auto advanced 1.94% to Rs 223.55 after the company said that it has commenced commercial production at its plant located at Bhayla, Ahmedabad District, Gujarat.

The commercial production commenced is for manufacturing three wheeler automobiles. The announcement was made after market hours yesterday.

Rajkot-based Atul Auto manufactures three-wheelers (goods as well as passenger segments) under the 'Atul' brand, and spares, components, and allied products.

The company reported a consolidated net loss of Rs 6.21 crore in the quarter ended June 2021 as against net loss of Rs 6.35 crore during the previous quarter ended June 2020. Net sales rose 21.49% to Rs 31.38 crore in Q1 FY22 over Q1 FY21.

The scrip extended gains for third day in a row. The stock has added 14.32% in three sessions, from its recent closing low of Rs 195.55 recorded on 24 September 2021.

On the technical front, the stock's RSI (relative strength index) stood at 66.176. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 50-day, 100-day and 200-day daily simple moving average (SMA) placed at 204.06, 197.50 and 190.42, respectively.

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