Rallis India hits 6-mnth high after Tata Chemicals increases stake
18/07/2023 05:23
** Shares of crop protection products maker Rallis India
RALL.NS up as much as 7% at 230.05 rupees, their highest since
Jan. 19
** Tata Chemicals TTCH.NS buys 4.99% stake in unit RALL at
215.05 rupees per share via a block deal, increasing stake to
55.04%
** If gains hold, RALL on track for fifth straight session
of gains
** RALL's Relative Strength Index (RSI) at 77.6; RSI over 70
indicates stock is overbought
** More than 2.7 mln RALL shares traded by 9:46 a.m. IST,
3.5 times their 30-day moving avg
** One of 14 brokerages rate the stock "Strong buy", 7
"hold" and 6 "sell" or lower; their median PT is 207.40 rupees
** Up to last close, stock had fallen 11.3% YTD
(Reporting by Rama Venkat in Bengaluru)
((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))