KRBL climbs on unveiling new product

KRBL gained 1.22% to Rs 212 after the company said it will launch 'India Gate Idli Rava' in the domestic market on 14 December 2019.

The announcement was made after trading hours yesterday, 11 December 2019.

Shares of KRBL rose 2.93% in two trading sessions to its current market price of Rs 212 from its recent closing low of Rs 205.95 on Tuesday, 10 December 2019.

Meanwhile, the S&P BSE Sensex was up 239 points or 0.59% to 40,651.22.

On the technical front, the stock's RSI (relative strength index) stood at 57.332. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock was currently trading above its 50-day moving average (DMA) placed at Rs 210.67, but still below its 200 DMA placed at Rs 273.23.

On a consolidated basis, KRBL's net profit fell 27.9% to Rs 113.39 crore on 28.5% decline in net sales to Rs 889.84 crore in Q2 September 2019 over Q2 September 2018.

KRBL is engaged in seed development, contact farming, procurement of paddy, storage, processing, packaging, branding and marketing of basmati rice.

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