M&M hits record high; rises 10% in three trading sessions

27 Jun 2022 , 03:17 PM

Shares of the tractor major jumped 9.94% in three trading sessions from its previous closing low of Rs 984.65 on 22 June 2022. The counter hit an all time high of Rs 1,094.90 in intraday today. The stock has soared 61.33% from its 52-week low of Rs 671 recorded on 8 March 2022. On the BSE, 1.59 lakh shares were traded in the counter so far compared with average daily volumes of 1.11 lakh shares in the past two weeks. In the past one year, the stock has jumped 36.41% while the benchmark Sensex has risen 0.79% during the same period. On the technical front, the stocks daily RSI (relative strength index) stood at 68.093. 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-day, 100-day and 200-day simple moving average (SMA) placed at 957.52, 882.71 and 866.56, respectively. These levels will act as crucial support zones in near term. M&M enjoys a leadership position in farm equipment and utility vehicles in India and is the worlds largest tractor company by volume. It offers a wide range of products and solutions ranging from SUVs, pickups, commercial vehicles, and tractors, to electric vehicles, two-wheelers, and construction equipment. On a consolidated basis, M&Ms net profit (continuing operations) surged 48% to Rs 2,237 crore on a 21% increase in revenue to Rs 25,934 crore in Q4 FY22 over Q4 FY21. Powered by Capital Market – Live News