Abans Holdings shares jump 7% to hit one-year high; BSE seeks clarification

Shares of Abans Holdings Ltd rose sharply in Tuesday's trade to scale their one-year high level. The stock surged 6.88 per cent to hit a 52-week high of Rs 431.05. However, the scrip gave up a major chunk of its gains as the session progressed and was last seen trading 2.01 per cent higher at Rs 411.40. At this price, it has gained 24.35 per cent on a year-to-date basis.

Bourses BSE and NSE have put the securities of Abans under the short-term ASM (Additional Surveillance Measure) framework. Exchanges put stocks in short-term or long-term ASM frameworks to caution investors about high volatility in share prices.

Separately, the exchange has sought clarification from the company on the share price movement. "The exchange has sought clarification from Abans Holdings on April 8, 2024, with reference to significant movement in price, in order to ensure that investors have latest relevant information about the company and to inform the market so that the interest of the investors is safeguarded. The reply is awaited," BSE stated.

On technical setup, the counter traded higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-day and 200-day simple moving averages (SMAs). The stock's 14-day relative strength index (RSI) came at 82.65. A level below 30 is defined as oversold while a value above 70 is considered overbought.

The stock saw heavy trading volume on BSE today as around 33,000 shares changed hands. The figure was higher than the two-week average volume of 18,000 crore shares. Turnover on the counter came at Rs 1.38 crore, commanding a market capitalisation (m-cap) of Rs 2,076.04 crore.