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Likhitha Infrastructure hits record high; rises 25% in four days

Capital Market 

Shares of Likhitha Infrastructure jumped 5.02% to Rs 395.40, extending its winning run to fourth consecutive trading session.

Shares of Likhitha Infrastructure zoomed 25.76% in four trading sessions from its previous closing low of Rs 314.40 on 30 March 2021. The counter hit a record high of Rs 401.55 in intraday today. The stock has zoomed 216% from its 52-week low of Rs 125 recorded on 15 October 2020.

On the BSE, 75,832 shares were traded in the counter so far compared with average daily volumes of 54,066 shares in the past two weeks.

On the technical front, the stock's RSI (relative strength index) stood at 78.284. 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 20 and 50 days simple moving average placed at 324.91 and 275.55 respectively. These levels will act as crucial support zones in near term.

Shares of Likhitha Infrastructure were listed on bourses on 15 October 2020 at Rs 130.10, a premium of 8.42% to the initial public offer (IPO) price of Rs 120.

Likhitha Infrastructure is an oil & gas pipeline infrastructure service provider in India. Its operations include three principal business lines: (i) cross country pipelines and associated facilities; (ii) city gas distribution including CNG stations; and (iii) operation & maintenance of CNG/PNG services.

The company posted a 39.6% jump in net profit to Rs 9.51 crore on a 49.1% rise in net sales to Rs 58.37 crore in Q3 FY21 over Q3 FY20.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, April 06 2021. 12:04 IST