India's Jai Balaji Industries hits more than 6-1/2 months high on warrants issue

Jai Balaji Industries

15/12/2022 09:09

** Shares of iron and steel products manufacturer Jai Balaji
Industries  JAIB.NS  rise as much as 9.14% to 51.95 rupees,
highest since May 23, 2022
    ** Stock on track for a second consecutive session of gain
    ** Co on Thursday said it has approved issue and allotment
of 22 mln warrants worth upto 990 mln rupees ($11.99 mln)
    ** JAIB's relative strength index (RSI) is above 70,
indicating that it is overbought
    ** Share price is above 50-day exponential moving average
(43.19 rupees), 100-day exponential moving average (43.78
rupees) and 200-day exponential moving average (46.07 rupees),
suggesting bullish trend
    ** Stock's moving average convergence divergence (MACD) line
seen above signal line since Dec. 2, indicating bullish bias
    ** More than 931,187 shares change hands by 2:22 p.m. IST,
9.6x 30-day avg of 96,868 shares
    ** Stock down 16.93% YTD, as of last close
($1 = 82.5625 Indian rupees)
 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com; +91 7982114624;))