India's AXISCADES Technologies hits record after debt refinancing

Axiscades Technologies

27/06/2023 05:11

** Shares of AXISCADES Technologies  AXIT.NS  rise as much
as 5% to a record high of 475.75 rupees
    ** Stock on track for third consecutive session of gains, if
trends hold
    ** Co says it has completed refinancing of its 2.10 bln
rupees ($25.62 mln) debt borrowed for Mistral acquisition
    ** Re-financing will bring down interest cost of co by ~400+
basis points per annum, adds co
    ** Share price above 50-day, 100-day and 200-day exponential
moving averages since Apr. 26, suggesting bullish trend
    ** AXIT's relative strength index above 70, indicating it is
overbought
    ** AXIT operates in the business of engineering design
services and strategic technology solutions
    ** One analyst covering stock have a "hold" rating; median
PT is 387 rupees - Refinitiv data
    ** Stock up 52.05% YTD, as of last close



($1 = 81.9700 Indian rupees)

 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))