Netweb Technologies shares hit record high, cross Rs 3,500 mark on fresh order win

Shares of IT services firm Netweb Technologies hit their record high amid a crash in the broader market today. The IT stock rallied after the firm won an order worth Rs 450 crore on Friday. The announcement was made after market hours. 

"We are pleased to inform you that the Company has received the Purchase order for the supply of Tyrone AI GPU Accelerated Systems. The estimated order value is approximately Rs. 450.00 Crores (Rupees Four Hundred Fifty Crores Only), excluding applicable taxes," said the firm.

The multibagger stock rose 8.22% to a high of Rs 3550 in the current session against the previous close of Rs 3280 on BSE. Market cap of the IT firm climbed to Rs 20,054 crore.  

A total of 6.22 lakh shares of the firm changed hands amounting to a turnover of Rs 215.58 crore on BSE. 

The stock, which has surged 52% in a month, seems to be in a strong uptrend. In six months, the IT stock has rallied 120%. The stock has gained 335% in two years.

The Relative Strength Index (RSI) currently stands at an elevated 74.6, indicating overbought conditions, while the ADX is at 49.4, reflecting a strong trend.

However, the stock has also seen high volatility in a year with a beta of 1.6.  

Netweb Technologies stock is trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.

Netweb Technologies India is in the business of “Computer Server” which includes transforming storage and computing with innovative Servers, Workstations, Storage, Cloud, HPC, AI and Big Data solutions.