India's Sheela Foam rises on expansion discussion with Kurlon

Sheela Foam

30/06/2023 09:29

** Shares of Sheela Foam Ltd  SHEF.NS  rise as much as 2.9%
to 1,250 rupees
    ** The mattress maker provided clarification on
Moneycontrol's news report on Wednesday that said co is going to
buy Kurlon Enterprises for 32.50 billion rupees ($396.14
million)
    ** SHEF says that it is looking into several expansion
opportunities and is in discussion with various parties,
including Kurlon Enterprises
    ** SHEF's Moving Average Convergence Divergence (MACD) line
has been over the signal line since June 9, suggesting bullish
momentum
    ** Relative Strength Index (RSI) climbs above 70, indicating
the stock is overbought
    ** About 159,229 shares change hands by 1:50 p.m. IST, 1.2x
the 30-day avg - Refinitiv Data
    ** Stock last up 0.7%, cutting YTD losses to 5.9% 


($1 = 82.0409 Indian rupees)

 (Reporting by Priya Sagar in Bengaluru)
 ((Priya.Sagar@thomsonreuters.com))