Hitachi Energy India jumps 14% in seven days

Hitachi Energy India rallied 3.59% to Rs 3,394.85, extending gains for the seventh trading session.

Shares of Hitachi Energy India jumped 13.74% in seven trading sessions from its recent closing low of Rs 2,984.75 on 16 February 2023.

On the BSE, 4,197 shares were traded in the counter so far compared with average daily volumes of 1,102 shares in the past two weeks.

The stock hit a 52-week high of Rs 4,040 on 3 March 2022. The stock hit a 52-week low of Rs 2,750.60 on 11 May 2022.

The stock had outperformed the market over the past one month, advancing 11.86% compared with 0.18% fall in the Sensex.

The scrip had outperformed the market in past three months, surging 16.81% as against Sensex's 4.93% decline.

However, the counter had also outperformed the market in past one year, rising 6.57% as against Sensex's 6.03% jump.

On the technical front, the stock's daily RSI (relative strength index) stood at 70.312. 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, 200- day and 100-day simple moving average (SMA) placed at 3,194.76, 3,171.79 and 3,272.50, respectively. These levels will act as crucial support zones in near term.

Hitachi Energy India is the world's leading provider of grid connections and power quality solutions, with an installed base of more than 10,000 projects worldwide, over 800 of which connect renewable energy sources to the grid. In India, Hitachi Energy operates under the legal entity name Hitachi Energy India (formerly known as ABB Power Products and Systems India).

The company's net profit declined 92.6% to Rs 4.58 crore in Q3 FY23 as compared with Rs 61.66 crore in Q3 FY22. Net sales declined 8.9% year on year to Rs 997.36 crore in Q3 FY23.

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