Hey there, fellow investors! Hold onto your hats because Lloyds Steels Industries Ltd is making some serious waves in the market today! Their shares surged a whopping 20%, reaching an impressive 52-week high of Rs 46.17. Can you believe it? This stock has been on fire, delivering incredible gains of 160.85% in 2023 and a jaw-dropping 180.67% over the past year. But here's the big question - is there more steam left in this multibagger?
And that's not all! The company has made things even more exciting by changing its name to Llyods Engineering Works Ltd. But no need to worry, dear shareholders - your old share certificates with the previous name, Lloyds Steels Industries Ltd, are still good to go for market transactions. SEBI has got you covered!
Now, let's get a bit technical - the Rs 39 level might provide some support on the charts. But here's the deal: both BSE and NSE have put Lloyds Steels under the long-term ASM (Additional Surveillance Measure) framework. It's just a fancy way of saying, "Hey, there could be some wild swings in share prices here!" So, buckle up for the ride!
Osho Krishan, the Senior Analyst at Angel One, is keeping a close eye on Lloyds Steels. The stock has been cruising in positive territory, comfortably staying above all EMAs (Exponential Moving Averages) on the daily chart. Great news! The recent price surge has led to new highs, but it's also essential to be cautious. If you're trading in the counter, keep an eye on the bullish gap around the Rs 39-odd zone - it could serve as strong support.
AR Ramachandran from Tips2trades also sees the bullish trend in Lloyds Steels, but it's slightly overbought on the daily charts. A close below the support level of Rs 38.45 might signal a target of Rs 31.70 in the near future. Keep those fingers crossed!
Now, let's talk numbers - the stock's relative strength index (RSI) is currently at 65.12. An RSI below 30 means it's oversold, and above 70 means it's overbought. But hey, Lloyds Steels still has some room to play around!
Okay, let's demystify the jargon - the stock has a negative price-to-earnings (P/E) ratio of 0.55 and a negative price-to-book (P/B) value of 0.03. Translation: the stock might be undervalued. Quite intriguing, right?
And here's some good news for those who prefer stability - Lloyds Steels has a one-year beta of 0.27, suggesting it's not excessively volatile. That's something to consider when making investment decisions.
As we keep an eye on Indian equity benchmarks trading higher, the future looks intriguing for Lloyds Steels. Will it continue to shine brightly? Only time will tell, but hey, it's definitely a stock worth keeping a close watch on! Happy investing, folks!