RattanIndia Enterprises shares zoom 20% to hit fresh one-year high today. Details here

RattanIndia Enterprises Ltd shares rose sharply in Tuesday's trade to scale their one-year high level. The stock soared 20 per cent to hit a 52-week high of Rs 77.65. Today's sharp jump in the share price came after the company's subsidiary, Neobrands, launched its casual fashion brand.

"Neobrands, a 100 per cent wholly-owned subsidiary of RattanIndia, is excited to introduce its casual fashion brand, FYLTR's lightweight winter collection which is now available online through its brand store on Amazon. Incorporating both comfort and style, FYLTR's newest lightweight winter collection delivers fashion-forward, high-quality apparel for the contemporary consumer for this winter season," it stated in an exchange filing.

"From cozy sweatshirts, trendy hoodies to snug puffer jackets, FYLTR sets a new standard for comfort-infused style, highlighting the brand's steadfast commitment to pushing the boundaries of contemporary fashion," it added.

Additionally, the heavyweight winter wear will also soon be available on FYLTR's official brand store on Amazon, the company further mentioned.

On technical setup, the counter was last seen trading higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-, 200-day simple moving averages (SMAs). The stock's 14-day relative strength index (RSI) came at 79.85. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a price-to-equity (P/E) ratio of 38.09 against a price-to-book (P/B) value of 10.73.

The scrip has an analyst target price of Rs 71, Trendlyne data showed, suggesting a potential downside of 4 per cent in a year. It has a one-year beta of 0.04, indicating low volatility on the counter.

DRS Finvest founder Ravi Singh said, "The stock is looking strong on daily charts. Expected target on the counter would be Rs 85, keeping stop loss placed at Rs 68."

RattanIndia's key businesses include electric mobility (Revolt Motors), e-commerce (Cocoblu Retail), fashion brands (Neobrands), fintech (WeFin) and drones (Neosky).

In a separate development, the company recently secured a drone certification from aviation regulator DGCA. "Throttle Aerospace Systems (TAS) received Type-Certification for its drone product, DOPO, from the Directorate General of Civil Aviation (DGCA)," the company stated in an exchange filing. TAS is a subsidiary of NeoSky India and a part of RattanIndia.

TAS designs, develops and manufactures drones in India as part of the 'Atmanirbhar Bharat' initiate. It said the parent company NeoSky has a DGCA license for a Drone Remote Pilot Training Organization (RPTO).

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