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TTK Prestige jumps on launching stainless steel casseroles

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TTK Prestige rose 3.71% to Rs 6,064.05 after the company said it is launched stainless steel casseroles in two variants.

The company said the stainless steel casseroles come in two versions, Royale and Prime. The Royale version is design protected. Totally 7 stock-keeping unit (SKU) of different sizes are being offered at the launch stage. The initial launch will be in North Indian markets. These products are 'Made In India' in line with the company's commitment to Atmanirbhar Bharat Abhiyan. The announcement was made after market hours on Friday, 11 September 2020.

TTK Prestige's consolidated net profit tanked 94% to Rs 2.14 crore on a 50.9% decline in net sales to Rs 226.64 crore in Q1 June 2020 over Q1 June 2019.

TTK Prestige manufactures kitchen appliances and cookware, under the Prestige brand. The company is best known for its pressure cookers. The scrip has climbed 54.77% from its 52-week low of Rs 3,918.05 hit on 24 March 2020.

On the technical front, the stock's RSI (relative strength index) stood at 60.208. 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 above its 50-day moving average (DMA) placed at 5,633.38 and its 200-day moving average (DMA) placed at 5,407.07.

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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: Mon, September 14 2020. 13:41 IST