India's Kirloskar Oil hits over 5-yr high after promoters sell stake

Kirloskar Oil Engines

09/03/2023 04:30

** Shares of Kirloskar Oil Engines Ltd  KIRO.NS  rise as
much as 4.14% to 406.2 rupees, highest since January 2018
    ** About 25.6 mln shares, representing 17.7% of total equity
of the engines manufacturer were sold by three promoters in
three separate block deals on Wednesday - NSE data 
    ** Stock's relative strength index above 70, indicating it
is overbought
    ** Moving average convergence divergence (MACD) line crossed
above the signal line on March 6, suggesting bullish momentum
    ** Stock trading above its 50-, 100-, and 200-day moving
averages
    ** Trading volume at ~2.5 mln shares, 4.8x the 30-day avg of
~526,200 shares as of 9:40 a.m. IST 
    ** Up to last close, stock was up nearly 21% so far this
year


 (Reporting by Biplob Kumar Das in Bengaluru)
 ((Biplobkumar.das@thomsonreuters.com))