India's Automotive Axles hits record high after Q3 profit more than doubles

Automotive Axles

31/01/2023 09:07

** Shares of Automotive Axles  ATOA.NS  rise as much as
10.2% to a record high of 2,544 rupees
    ** Stock marks its sharpest intraday pct gain since July 4,
on track for a sixth consecutive session of gains
    ** The automotive axles manufacturing co reported profit
that more than doubled in the Dec-qtr to 506.8 mln rupees ($6.18
mln)
    ** Revenue from operations rose 75.2% to 6.56 bln rupees
    ** ATOA's relative strength index (RSI) is above 70,
indicating that it is overbought
    ** Share price is above the 50-day, 100-day and 200-day
exponential moving average, suggesting bullish trend
    ** More than 253,000 shares change hands, 16.9x 30-day avg
of 15,031 shares
    ** All two analysts covering the stock have a "buy" or
"strong buy" rating; median PT is 2,489 rupees - Refinitiv data
    ** Stock up ~26% in 2022 
    ($1 = 82.0300 Indian rupees)
 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))