Precision Wires at all time high; jumps 34% in five days

Precision Wires jumped 6.17% to Rs 393.1, extending its winning run to fifth consecutive trading session.

Shares of Precision Wires India have surged nearly 34% in five trading sessions from its previous closing low of Rs 293.65 posted on 9 December 2021. The counter hit a record high of Rs 399.90 intraday today. The stock has zoomed 195% from its 52-week low of Rs 133.1 recorded on 1 February 2021.

In last one month, the stock moved nearly 26% higher as compared to a 4.2% fall in Nifty 50 index.

The counter saw demand after the company fixed 23 December 2021, as the record date for the proposed 5-for-1 stock split. Precision Wires India will split each equity share of face value Rs 5 each into five equity shares of Re 1 each fully paid.

On the technical front, the stock's RSI (relative strength index) stood at 81.183. 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 285.91 and 258.93 respectively. These levels will act as crucial support zones in near term.

Precision Wires India is the largest producers of winding wires in South Asia. It makes a wide range of products including enamelled round and rectangular copper winding wires, continuously transposed conductors (CTC) and paper/mica/nomex insulated copper conductors (PICC), which are used across the globe by the electrical/electronics industry.

The company's net profit jumped 49.7% to Rs 15 crore on 80.24% surge in revenue from operations to Rs 706.64 crore in Q2 FY22 over Q2 FY21.

Powered by Capital Market - Live News