Jupiter Wagons shares rise 8%, up for fourth session; what's ahead?

Shares of Jupiter Wagons Ltd were among the top gainers on BSE, rising for the fourth straight session today. Jupiter Wagons stock rose 8.42% to hit a day high of Rs 568.35. Total 0.76 lakh shares of the firm changed hands amounting to a turnover of Rs 4.17 crore on BSE. The market cap of the firm stood at Rs 23,636 crore on BSE. Jupiter Wagons stock has gained 613% in two years and climbed 1516% in two years.

The stock hit a 52-week high of Rs 748.05 on July 5, 2024 and a 52-week low of Rs 266.70 on October 26, 2023. However, the stock is down 25% from its 52-week high.       

Jupiter Wagons stock has a one-year beta of 1.5, indicating very high volatility during the period.   

In terms of technicals, the relative strength index (RSI) of Jupiter Wagons stands at 39.4, signaling it's trading neither in the overbought nor in the oversold territory. 

Shares of Jupiter Wagons are trading higher than the 5 day, 10 day, 20 day, 30 day, 200 day but lower than 50 day and 100 day moving averages.  

Analysts are mostly upbeat on the prospects of the stock in the long term. 

Market expert Raghvendra Singh told Business Today TV that investors should stay invested in the stock. It can see a decent upmove soon.
 
Kranthi Bathini, Director of Equity Strategy at WealthMills Securities is bullish on the stock for the long term. 

"In medium time frame, valuations looked stretched but any dip could be considered as a good entry-level," Bathini added.
He sees support at Rs 490, followed by Rs 470 and 460 levels. Resistance for the stock stock lies in the Rs 540- Rs 575 range.

Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One sees strong resistance  at Rs 575 level. Support lies around the Rs 470-460 sub-zone. 

"Jupiter Wagons stock price is bearish on daily charts with strong resistance at Rs 575. Immediate support will be at Rs 490," said Sebi-registered research analyst AR Ramachandran.

Jupiter Wagons reported a 46% rise in net profit in the June 2024 quarter. Net profit climbed to Rs 91.92 crore in Q1 against Rs 62.85 crore in the June 2023 quarter. Revenue rose 17% to Rs 879.86 crore in Q1 against Rs 753.18 crore in Q1 of the previous fiscal.

Jupiter Wagons is engaged in the business of manufacturing of railway wagons,  wagon components and castings in India. The company's integrated facilities are engaged in the manufacture of railway wagons, high-speed bogies and railway castings.