Bharat Wire finds no sellers: hits upper circuit

Bharat Wire had a good day on the bourses. The stock has hit its upper circuit of Rs 86.20. The stock of the company has also hit a new 52 week high of Rs 86.20.

Jan 18, 2017 06:01 IST India Infoline News Service

Bharat Wire had a good day on the bourses. The stock has hit its upper circuit of Rs 86.20. The stock of the company has also hit a new 52 week high of Rs 86.20. The scrip has surged mainly on the news that it has bagged an order worth Rs 8 crore. Out of this Rs 8 crore, approximately Rs 6.5 crore was awarded by the Defence department of India.
The stock of the company is trading above its 30 day SMA. 30 day SMA stands at 935.25. The stock has gained 37.52%, rebounding from its 52- week low.
Union Mutual Fund is the only fund house which has invested in the stock of the company. The fund house has invested 0.445% of equity capital in the company. 
Stock view:

Bharat Wire Ropes Ltd is currently trading at Rs 86.2, up by Rs 4.1 or 4.99% from its previous closing of Rs 82.1 on the BSE.

The scrip opened at Rs 83.5 and has touched a high and low of Rs 86.2 and Rs 83.35 respectively. So far 225463(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 369.06 crore.

The BSE group 'T' stock of face value Rs 10 has touched a 52 week high of Rs 83.45 on 17-Jan-2017 and a 52 week low of Rs 38 on 31-May-2016. Last one week high and low of the scrip stood at Rs 83.45 and Rs 72 respectively.

The promoters holding in the company stood at 61.15 % while Institutions and Non-Institutions held 8.02 % and 30.82 % respectively.

The stock is currently trading above its 50 DMA.

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