Kennametal hits record high; rises 16% in seven days

Kennametal India jumped 4% to Rs 1,765.50, extending its winning run to seventh consecutive trading session.

December 08, 2021 11:19 IST | capital market

Shares of Kennametal India have surged 16.6% in seven trading sessions from its previous closing low of Rs 1,513.30 posted on 29 November 2021. The counter hit a record high of Rs 1,805 intraday today. The stock has zoomed 124.4% from its 52-week low of Rs 786.45 recorded on 22 December 2020.

In last one month, the stock moved 21% higher as compared to a 3.5% fall in Nifty 50 index.

On the technical front, the stocks RSI (relative strength index) stood at 80.783. 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 1465.81 and 1399.50 respectively. These levels will act as crucial support zones in near term.

Kennametal India manufactures hard metal and hard metal products. The company also manufactures mining tools, special purpose machines and accessories.

The companys consolidated net profit rose 114.39% to Rs 28.30 crore on 20.50% rise in net sales to Rs 237.50 crore in Q1 September 2021 over Q1 September 2020.

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