India's Kirloskar Oil surges to 5-yr high; stock in overbought zone

Kirloskar Oil Engines

08/03/2023 08:00

** Shares of Kirloskar Oil Engines  KIRO.NS  surge 18.23% to
384.30 rupees, highest since Feb. 14, 2018
    ** About 5.55 mln shares change hands as of 1:17 p.m. IST,
most active since Aug. 25 when the trading volume was 7.73 mln
shares
    ** Relative strength index of KIRO is 73, suggesting the
stock may be overbought
    ** JM Financial reiterates "buy" on the stock with a target
price of 400 rupees, citing inexpensive valuations
    ** Management aims to improve margins to double digits by
FY2025 through (i) improvement of business mix, (ii)
profitability in agriculture segment and (iii) rise in sales,
says JM Financial after a meeting with senior management
    ** Stock trading above 50-day, 100-day and 200-day simple
moving averages, indicating bullish bias
    ** Moving average convergence divergence (MACD) line crossed
above the signal line on March 6, suggesting bullish momentum




 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))