COMPANIES

No Data Found

NEWS

No Data Found
Advertisement
Rallis India shares jump 16% to hit fresh one-year high; here's why

Rallis India shares jump 16% to hit fresh one-year high; here's why

Rallis India share price: The stock surged today, pausing their three-day losing run. The stock gained 15.64 per cent to hit a new one-year high of Rs 294.25.

Prashun Talukdar
Prashun Talukdar
  • Updated Mar 7, 2024 3:23 PM IST
Rallis India shares jump 16% to hit fresh one-year high; here's whyRallis India share price: As of December 2023, Tata Chemicals held a 55.04 per cent stake in Rallis India.

Shares of Rallis India Ltd surged in Thursday's trade, pausing their three-day losing run. The stock gained 15.64 per cent to hit a new one-year high of Rs 294.25. An analyst attributed today's sharp rise to Tata Sons' potential listing buzz, which could be having a positive rub-off effect on the counter.

Advertisement

Related Articles

The counter witnessed massive trading volume today as 16.80 lakh shares changed hands on BSE at the time of writing this story. The figure was way more than the two-week average volume of 45,000 shares. There were 14,29,172 buy orders against sell orders of 1,07,777 shares.

On technical setup, support on the counter will be around Rs 275-260 levels. And, resistance could be seen in the Rs 300 zone.

AR Ramachandran from Tips2trades said, "Tata Chemicals is a promoter in Rallis India. And, potential listing of Tata Sons is possibly having a positive rub-off effect on the counter. It looks bullish on daily charts with strong support at Rs 260. A daily close above resistance of Rs 295 could lead to a target of Rs 330 in the near term."

Advertisement

Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "Support will be at Rs 270 and resistance at Rs 295. A decisive close above Rs 295 level may trigger a further upside till Rs 300."

DRS Finvest founder Ravi Singh said, "The stock looked strong on daily charts and can hit an upside target of Rs 300 in the near term. Keep stop loss placed at Rs 275."

Separately, the agri-inputs company has recently appointed Gyanendra Shukla as Managing Director and Chief Executive Officer (CEO) for a period of five years with effect from April 1, 2024. He will take over from Sanjiv Lal on completion of his term on March 31, 2024.

Advertisement

As of December 2023, Tata Chemicals held a 55.04 per cent stake in Rallis India.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Published on: Mar 7, 2024 1:21 PM IST
    Post a comment0