Business
Momentum Stocks: CreditAccess, PC Jeweller, Shyam Metalics rally on price action; Jubilant FoodWorks slides
Momentum Stocks: CreditAccess, PC Jeweller, Shyam Metalics rally on price action; Jubilant FoodWorks slides
About this update from Pc Jeweller Ltd.
In a market short on fresh triggers, a clutch of stocks gained traction on April 7, driven largely by technical breakouts, price action and sustained buying momentum rather than fundamental catalysts.Market breadth remained mixed. As many as 38 stocks touched their 52-week highs, while 24 hit 52-week lows. About 147 stocks were locked in upper circuits, compared with 54 in lower circuits.CreditAccess Grameen Leads Gains Shares of CreditAccess Grameen Ltd. rose 7.4 percent, emerging as the top performer among peers, supported by heavy trading activity. The stock climbed to Rs1,267.90 a share, its highest closing level since Feb. 26, from Rs1,180.60. Trading volume reached 132,132 shares, about 47 times the 20-day average of 2,800 shares for this time of day.Of the total traded shares, 45 percent were executed at the ask price, while 24 percent were at the bid, indicating buying interest. Over the past 52 weeks, the stock has advanced 18 percent, outperforming its Bloomberg peer group, which declined 6.5 percent. The Sensex has fallen 1.7 percent over the same period.The shares have risen 9.4 percent over the past five sessions and gained 6.2 percent in the last 30 days. The stock trades at 27 times its estimated forward earnings and 38 times trailing earnings.PC Jeweller Extends Momentum PC Jeweller Ltd. gained 8.7 percent, supported by elevated volumes. The stock rose to Rs9.20, its highest close since March 2, from Rs8.46. Trading volume stood at 6.17 million shares, about 11 times the 20-day average of 585,708 shares.Around 42 percent of trades were executed at the ask price, compared with 16 percent at the bid. Historically, the stock has posted similar or larger gains six times in the past year. It advanced in the subsequent session three times, delivering an average gain of 4.8 percent, and declined three times, with an average fall of 2.4 percent.Despite the recent rally, the stock remains down 37 percent over the past 52 weeks, underperforming its Bloomberg peers, which have gained 12 percent. The Sensex declined 1.7 percent in the same period. The shares have climbed 15 percent over the past five days and are up 1.4 percent over the past month.Shyam Metalics Sees Strong Buying Shyam Metalics & Energy Ltd. rose 6.2 percent amid strong trading momentum. The stock increased to Rs843.75, its highest closing level since Feb. 27, from Rs794.40. Trading ...