This Dolly Khanna portfolio stock hit record high for second straight session; here’s why

Shares of Salzer Electronics Ltd hit record for the second straight session on Friday after the firm said that it was establishing a smart meter manufacturing business in Coimbatore. Ace investor Dolly Khanna owned 1% stake or 1,74,500 shares in the capital goods engineering company at the end of December 2023 quarter.

Salzer Electronics stock gained 8.68% or Rs 52.95 to a fresh high of Rs 662.90 on BSE. The Salzer Electronics stock hit a record high of Rs 580.35 in the previous session.

Market cap of the firm rose to Rs 1,130.83 crore on BSE. Total 0.81 lakh shares changed hands amounting to a turnover of Rs 5.18 crore on BSE.

The stock hit a 52-week low of Rs 236 on March 28, 2023. It has a one-year beta of 0.3, indicating very low volatility during the period.

The new smart meter manufacturing plant will have an annual production capacity of 4 million smart energy meters, which will be increased to 10 million smart energy meters in Phase Two. This facility will provide employment to approximately 1000 people at its full capacity, said the firm.

Commenting on this development, Rajesh Doraiswamy, Joint Managing Director, Salzer Electronics said: "We have already received BIS certification for our Single Phase Smart Energy meter. The first batch of smart meters is expected to roll out in Q1 FY25, from the new facility. This investment will provide the company with a competitive edge in the market, protect its intellectual property, and generate substantial revenue, thereby contributing to the company's future success."

In terms of technicals, the relative strength index (RSI) of the Salzer Electronics stock stands at 77.8, signaling the stock is trading in the overbought zone. Salzer Electronics shares are trading higher than the 5 day, 20 day, 50 day,  100 day, 150 day and 200 day moving averages.

Also read: Hot stocks on February 23: Indian Hotels, IREDA, YES Bank, Vodafone Idea, Data Patterns and more

Also read: Stock recommendations by analyst for February 23: Midhani, L&T and Nestle

Also read: RIIL shares soar 11% to trade near one-year high level; here's what analysts say