India's Force Motors surges after posting profit in March-qtr

Force Motors

30/05/2023 05:25

** Shares of Force Motors Ltd  FORC.NS  jump as much as 20%
in early trade, their biggest daily pct gain since Dec. 7, 2020
    ** Stock on track to post fourth straight session of gains,
if trend holds; hits highest level since Nov. 16, 2021 
    ** Co posts net profit of 1.49 bln rupees ($18 mln) in
March-quarter vs loss of 399.8 mln rupees yr ago; rev from ops
jumps 69%
    ** Stock most active since Aug. 17, 2022; more than 481,000
shares change hands in early trade, 14.2 times their 30-day avg
    ** FORC's RSI at 86.2 on Tuesday, indicating it may be
overbought
    ** Up to last close, stock had risen 3.3% this year
    
($1 = 82.6753 Indian rupees)

 (Reporting by Rama Venkat in Bengaluru)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))