India's Swaraj Engines hits 7-mnth high after Q4 profit jump

Swaraj Engines

27/04/2023 09:10

** Shares of Swaraj Engines Ltd  SWAR.NS  rise as much as
11.2% to 1,773.95 rupees, their highest since Sept
    ** Diesel engine manufacturer's March qtr profit jumps
nearly 60% to 349.6 mln rupees ($4.28 mln) aided by growth in
tractor industry and higher engine demand
    ** Revenue from operations at 3.6 bln rupees vs 2.42 bln
rupees a yr ago
    ** Stock trading above its 50-, 100-, and 200-day moving
averages
    ** Stock's relative strength index above 70, indicating it
may be overbought
    ** Trading volume at ~144,700 shares, nearly 25 times the
30-day avg as of 1:35 p.m. IST 
    ** Up to last close, stock was up 2.6% so far this year

($1 = 81.6580 Indian rupees)

 (Reporting by Biplob Kumar Das in Bengaluru)
 ((Biplobkumar.das@thomsonreuters.com))