India's Stylam Industries hits near 9-month high on Q4 profit rise

Stylam Industries

05/05/2023 09:04

** Shares of Stylam Industries Ltd  STYL.BO  rise as much as
3.6% to 1,245 rupees, hitting highest level since Aug. 17, 2022
    ** Stock on track for eleventh consecutive session of gain,
if trend holds
    ** The laminates and solid surface panels maker reported
~62% Y/Y rise in Q4 consolidated net profit with revenue from
ops rising ~32% Y/Y
    ** Share price above 50-day, 100-day and 200-day simple
moving averages, suggesting bullish trend
    ** STYL's relative strength index above 70, indicating it is
overbought
    ** Stock is witnessing its most active trading session in
nearly four months
    ** More than 176,000 shares change hands by 1:23 p.m. IST,
6.9x 30-day avg of 25,487 shares
    ** All 4 analysts covering the stock have a "buy" or "strong
buy" rating; median PT is 1,619 rupees - Refinitiv data
    ** Stock up 6.6% YTD, as of last close


 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))