ABB India hits record high; jumps 13% in five days

8 Jul 2022 , 03:12 PM

Shares of ABB India have risen 13.4% in five trading sessions from its recent closing low of Rs 2,275.90 on 1 July 2022. The counter hit an all time high of Rs 2,611.20 in intraday today. The stock has soared 59.4% from its 52-week low of Rs 1,619.30 recorded on 11 August 2021. On the BSE, 24,000 shares were traded in the counter so far compared with average daily volumes of 16,000 shares in the past two weeks. In the past one year, the stock has jumped 51.6% while the benchmark BSE Sensex 30 rose 3.34% during the same period. On the technical front, the stocks daily RSI (relative strength index) stood at 69.583. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30. On the daily chart, the stock was trading above its 50, 100 and 200-day simple moving average (SMA) placed at 2414.26, 2340.26 and 2331.02 respectively. These levels will act as crucial support zones in near term. The companys net profit jumped 76.45% to Rs 152.08 crore on 20.75% increase in net sales to Rs 1,953.93 crore in Q1 March 2022 over Q1 March 2021. ABB India is a leading global technology company. Its business areas include electrification, process automation, motion (drives and motors) and robotics & discrete automation. Powered by Capital Market – Live News