India's Jay Bharat Maruti hits near 6-mth high after investment plans

Jay Bharat Maruti

12/05/2023 05:22

** Shares of Jay Bharat Maruti Ltd  JYBM.NS  rise as much as
3.4% to 178.90 rupees hitting highest level since Nov. 16
    ** Co on Thursday said it will invest invest around 3-3.50
bln Indian rupees ($36.68 mln - $42.80 mln) in two new
manufacturing plants in Haryana and Gujarat in a phased manner
    ** The sheet metal manufacturer on Wednesday reporteda  2.4%
Y/Y rise in Q4 consolidated profit while its rev from ops fell
~3.1%
    ** Share price above 50-day, 100-day and 200-day simple
moving averages, suggesting bullish trend
    ** JYBM's relative strength index above 70, indicating it is
overbought
    ** More than 63,000 shares change hands by 9:46 a.m. IST,
1.3x 30-day avg of 48,776 shares
    ** Stock up ~6.8% YTD, as of last close



($1 = 81.7800 Indian rupees)

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