India's Relaxo up 4% on upbeat Q4 results; stock in overbought zone

Relaxo Footwears

11/05/2023 08:30

** Shares of Relaxo Footwears Ltd  RLXO.NS  rise as much as
4.27% to a four-month high of 906 rupees
    ** The footwear maker's stock jumped over 3% on Wednesday
after the company reported nearly 10% rise in March quarter
revenue and marginal growth in net profit, aided by steady
demand
    ** RLXO also announces dividend of 2.50 rupees per share
    ** The relative strength index of stock is 75, suggesting it
may be overbought
    ** Stock is most active in over three weeks, with trading
volume of 381,347 shares as of 12:53 p.m. IST, thrice the 30-day
avg  - Refinitiv data
    ** Of 13 analysts tracking RLXO, four maintain "buy", three
suggest "sell" and six recommend "hold"; median TP is 876 rupees


($1 = 81.7800 Indian rupees)

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