India's Greenlam Industries hits record high on unit update

HG Industries

09/06/2023 05:44

** Shares of Indian laminates manufacturer Greenlam
Industries  RIC  jump as much as 11.16% to hit a record high of
446.90 rupees 
    ** Co's unit HG Industries  HGID.BO  said on Friday 
Greenfield project for plywood manufacturing and allied products
has started commercial production 
    ** Total capex incurred 1.3 bln rupees ($15.77 mln), project
has potential to generate 4 bln rupees revenue per annum - HG
Industries 
    ** Co shares trading above 50-day and 100-day simple moving
average, indicating bullish trend 
    ** Relative Strength Index seen above 70, indicating stock
overbought 
    ** More than 347,392 shares changed hands, 4.3 times 30-day
avg of 80,145 shares 
    ** GEEN sees busiest intraday session in nine-day rally  
    ** Nine of 10 analysts rate the stock "buy" or higher, one
suggests "hold"; median TP 399 rupees 
    ** Greenlam stock up ~35% so far this year 

     ($1 = 82.4550 Indian rupees)

 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com;))