Lakshmi Machine hits 52-week high; rises 7% in five days

Lakshmi Machine Works gained 2.76% to Rs 4025, rising for the fifth consecutive trading session.

The counter has surged 7% in five trading session from its previous closing low of Rs 3758.75 on 8 October 2020. Shares of Lakshmi Machine hit a 52-week high of Rs 4,085 in intraday today. The stock is up 101% from its 52-week low of Rs 2001 on 25 March 2020.

On the technical front, the stock's RSI (relative strength index) stood at 71.296. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading above its 50 and 100 days simple moving average placed at 3513.40 and 3160.17 respectively. These levels will act as crucial support zones in near term.

The company will announce its Q2 September 2020 results on 26 October 2020. The company posted a consolidated net loss of Rs 21.62 crore in Q1 June 2020 as compared to a consolidated net profit of Rs 10.47 reported in the same period last year. Net sales tumbled 63.2% year on year to Rs 168.78 crore in Q1 June 2020.

Lakshmi Machine Works is engaged in the manufacturing and selling of textile spinning machinery, computer numerical control machine tools, heavy castings, and parts and components for aerospace industry.

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