KPIT slips on profit booking

KPIT Technologies fell 0.47% to Rs 578.75, amid some bit of profit booking.

The stock had advanced 27.3% in the past six sessions to end at Rs 581.50 yesterday, from its recent closing low of Rs 456.60 recorded on 20 December 2021. The counter hit a record high of Rs 595 intraday today. The stock has zoomed nearly 357% from its 52-week low of Rs 127 recorded on 29 December 2020.

Since the start of 2021, KPIT Tech has given stellar returns to investors, rising 310%, while the Nifty 50 index has gained 23.3% in the same period.

On the technical front, the stock's RSI (relative strength index) stood at 71.499. 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 simple moving average (SMA) placed at 439.42, 386.01 and 305, respectively.

KPIT Technologies is a technological company focused on automobile engineering and mobility solutions. The company offers technology solutions to automobile OEMs under different practices such as power trains (conventional and electrical), connectivity, autonomous (vision and control systems) and diagnostics.

The company's consolidated net profit rose 133.42% to Rs 65.10 crore on 21.71% rise in net sales to Rs 590.87 crore in Q2 FY22 over Q2 FY21.

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