Tide Water Oil hits record high; soars 123% in nine days

Tide Water Oil (India) hit an upper circuit of 5% at Rs 12,069.45, extending its winning run to ninth consecutive trading session.

Shares of Tide Water Oil have rallied 123.53% in nine trading days from its previous closing low of Rs 5399.55 on 21 May 2021. The counter hit a record high of Rs 12,069.45 in intraday today. The stock has soared 237% from its 52-week low of Rs 3,576 hit on 3 June 2020.

The counter has hit the upper circuit for the sixth consecutive session. In last one month, Tide Water Oil has jumped 170% compared with 6.69% rise in Nifty 50 index.

On the technical front, the stock's RSI (relative strength index) stood at 97.978. 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 5243.64 and 4850.31 respectively. These levels will act as crucial support zones in near term.

The meeting of the board of directors of the company is scheduled on 10 June 2021 to consider and approve audited financial results for the quarter and year ended 31 March, 2021.

Tide Water Oil (India) manufactures and markets Veedol brand of lubricants.

On a consolidated basis, the company reported a 10.8% rise in net profit to Rs 47.69 crore on a 5.3% rise in net sales to Rs 364.32 crore in Q3 FY21 over Q3 FY20.

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