India's Avantel hits record high on strong qtrly profit growth

Avantel

13/04/2023 09:54

** Shares of Avantel Ltd  AVAN.BO  rise as much as 5% to a record high of 487.90 rupees
    ** The telecom firm reported an about 60% jump in consol net profit of 96.9 million rupees
($1.18 million) for the March-quarter
    ** Rev from ops at 525.3 million rupees, up 12.5%
    ** Stock on track to rise for fourth consecutive session, if trends hold
    ** About 118,000 shares change hands by 2:15 p.m. IST, 5.2x the 30-day avg of 22,825 shares
    ** Stock trading above its 50-, 100-, and 200-day moving averages
    ** Moving average convergence divergence (MACD) line is over the signal line, suggesting
bullish momentum
    ** Relative strength index (RSI) of stock above the upper limit of 70, indicating it is
overbought
    ** Stock up ~21% so far this year, as of last close
    
($1 = 81.88 Indian rupees)





 (Reporting by Priya Sagar in Bengaluru)
 ((Priya.Sagar@thomsonreuters.com;))