Centum Electronics tumbled 5.21% to Rs 380.55 amid profit taking after a recent steep surge.
The stock jumped 25.95% in the past three sessions to end at Rs 401.45 yesterday (10 December 2020), from its recent closing low of Rs 318.75 recorded on 7 December 2020.
In the past one month, the stock has zoomed 39.36% while the benchmark S&P BSE Sensex has added 5.75% during the same period.
On the technical front, the stock's RSI (relative strength index) stood at 74.775 on BSE. 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 averages (SMA) placed at 297.54, 316.82 and 300.12, respectively. These levels will act as crucial support zones in near term.
In an exchange filing made after market hour yesterday, Centum Electronics said that its board had approved the proposal for further investment in Centum Adetel Group (CAG) SA.
"With the proposed investment, the company's stake in CAG will increase from 59.77% to 64.66%," the company said.
The said investment would be done through Centum Electronics UK, a wholly-owned subsidiary of the company, subject to necessary approvals.
Centum Electronics is engaged in the business of designing, manufacturing and also exporting electronic products.
The company's consolidated net profit fell 13.8% to Rs 7.61 crore on a 1.6% rise in net sales to Rs 192.55 crore in Q2 FY21 over Q2 FY20.
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