Forbes & Co jumps 18% in 5 days

Forbes & Company hit an upper circuit limit of 5% at Rs 766.05, extending recent steep gains.

Shares of Forbes & Company have surged 17.71% in five sessions.

On the BSE, 4,532 shares were traded in the counter so far compared with average daily volumes of 10,000 shares in the past two weeks.

The stock had outperformed the market over the past one month, rising 1.26% as against Sensex's 3.26% fall.

The scrip outperformed the market in past one quarter, jumping 95.27% as against Sensex's 7.03% rise.

The scrip had also outperformed the market in past one year, soaring 156.85% as against Sensex's 4.61% decline.

On the technical front, the stock's daily RSI (relative strength index) stood at 63.50. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily chart, the stock was trading above its 50-day and 100-day simple moving average (SMA) placed at 608.38 and 499.25, respectively. These levels will act as crucial support zones in near term.

Forbes & Company is involved in three main areas: engineering, real estate and business of developing payment processing and transaction automation solutions.

Forbes & Company reported consolidated net profit of Rs 145.78 crore in Q1 June 2022 as against net loss of Rs 4.34 crore in Q1 June 2021. Net sales declined 6.36% to Rs 121.85 crore in Q1 June 2022 over Q1 June 2021.

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