Asahi India Glass stock soars to record high amid heavy volumes; surges 25% in four sessions

About this update from Asahi India Glass Limited

Shares of Asahi India Glass soared over 9 percent in early trade and hit a record high of Rs 833.95 on September 23, driven by heavy trading volumes. With the gains in today's session, the stock has not just extended its uptrend to the fourth straight day but also recorded an over 25 percent surge during the period.Although some profit booking crept in the counter after its steep upmove, pulling it off its record high, the stock still managed to hold on to much of its day's gains. At 11.55 pm, shares of Asahi India Glass were trading at Rs 817.05 on the NSE.Trading volumes in the counter were strong for yet another session as 27 lakh shares already changed hands so far, higher than the one month daily traded average of five lakh shares. The trading volumes were even higher in the last session which saw 66 lakh shares change hands.Follow our market blog to catch all the live actionThe sharp surge in the stock in recent sessions has also been triggered by a technical breakout in the counter. Shitij Gandhi, Senior Technical Research Analyst at SMC Global Securities, highlighted that the stock witnessed a significant decline recently, dropping from Rs 720 to Rs 600 as part of its corrective phase."However, it found support around its 200-day EMA on the daily time frame and has since bounced back. The stock has been trading in a pattern of higher lows, indicating a potential reversal and continuation of its previous trend, as it has also broken out above a symmetrical triangle pattern," Gandhi added.Last month, Asahi India Glass reported an over 25 percent decline in its consolidated net profit for the June quarter at Rs 76.70 crore, down from Rs 102.80 crore in the year ago period. Its revenue, however, rose over 4 percent to Rs 1,135.83 crore, as against Rs 1,090.70 crore in the same period last fiscal.Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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