Tata Elxsi hits all time high; rises 17% in two days

Tata Elxsi advanced 6.12% to Rs 8957.45, extending its winning run to second consecutive trading session.

Shares of the IT major have surged 17.43% in two trading sessions from its previous closing low of Rs 7,603.55 posted on 24 March 2022. The counter hit a record high of Rs 9,078 in intraday today. The stock has zoomed nearly 241.5% from its 52-week low of Rs 2,614.30 recorded on 26 March 2021.

On the BSE, 1.49 lakh shares were traded in the counter so far compared with average daily volumes of 0.21 lakh shares in the past two weeks.

In last one month, the stock has moved nearly 38.8% higher outperforming the Nifty 50 index which rose 2.23% in the same period.

On the technical front, the stock's RSI (relative strength index) stood at 78.744. 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 7102.65 and 6530.09 respectively. These levels will act as crucial support zones in near term.

Tata Elxsi is amongst the world's leading providers of design and technology services across industries including transportation, media, communications and healthcare & medical devices.

The company's net profit jumped 43.49% to Rs 150.95 crore on 33.18% increase in revenue from operations to Rs 635.41 crore in Q3 FY22 over Q3 FY21.

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