VIP Industries spurted 8.21% to Rs 230 after well-known investor Rakesh Jhunjhunwala hiked stake in the company to 5.31%.
As per the latest shareholding data available on exchanges, billionaire investor, Rakesh Jhunjhunwala bought an additional 2.85 lakh shares of the company during the quarter ended March 2020, taking his total stake to 5.307% from 5.106% earlier.On BSE, 1.16 lakh shares were traded in VIP Industries counter, compared to a 2-week average of 22,000 shares. The stock hit an intraday high of Rs 234.80 and an intraday low of Rs 220.
On the technical front, the stock's RSI (relative strength index) stood at 45.798. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading below its 50-day moving average (DMA) placed at 277.84 and its 200-day moving average (DMA) placed at 395.78.
VIP Industries' consolidated net profit jumped 43.56% to Rs 34.21 crore on a 0.53% rise in net sales to Rs 432.35 crore in Q3 December 2019 over Q3 December 2018.
VIP Industries manufactures hard luggage and markets soft luggage imported from Bangladesh and China. VIP is the largest player in the luggage industry in India.
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