Olectra Greentech hits 52-week high; zooms 27% in five days

Olectra Greentech jumped 4.98% to Rs 226.65, extending its winning run to fifth consecutive trading session.

Shares of Olectra Greentech added 27.5% in five trading sessions from its previous closing low of Rs 177.75 on 4 March 2021. The stock recorded a 52-week high of Rs 226.65 in intraday today. It has surged 453% from its 52-week low of Rs 40.95 hit on 27 March 2020.

On the BSE, 3.19 lakh shares were traded in the counter so far compared with average daily volumes of 34,000 shares in the past two weeks.

In last one month, shares of automobile maker have rallied 19% as compared to an 8% rise in S&P BSE Small Cap index.

On the technical front, the stock's RSI (relative strength index) stood at 81.822. 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 161.61 and 120.59 respectively. These levels will act as crucial support zones in near term.

Olectra Greentech has major interests in Electric Buses, Composite Insulators, Amorphous core-distribution transformers, Data Analysis and IT consulting. The company posted a consolidated net profit of Rs 2.99 crore in Q3 FY21 as compared to a net loss of Rs 2.65 crore in Q3 FY20. Net sales jumped 29% to Rs 61.1 crore in Q3 FY21 over Q3 FY20.

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