Shares of the telecoms equipment company jumped 23.55% in five trading sessions from its previous closing low of Rs 206.35 on 17 August 2023.

The stock hit its all time high of Rs 259.95 today. On the BSE, 5.30 lakh shares were traded in the counter so far compared with average daily volumes of 4.55 lakh shares in the past two weeks.

The stock had outperformed the market over the past one month, advancing 61.43% compared with 1.21% decline in the Sensex.

The scrip outperformed the market in past one quarter, surging 159.73% as against Sensex's 6.16% rise.

The counter had also outperformed the market in past one year, soaring 400.39% as against 11% jump in Sensex.

On the technical front, the stock's daily RSI (relative strength index) stood at 76.105. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

In daily chart, the stock is trading above its 50, 100 and 200 days simple moving average (SMA) placed at 169.77, 134.44 and 107.76 respectively. These levels will act as crucial support zones in near term.

Avantel specializes in providing strategic solutions to the Indian Defence Services and related establishments. It has developed and manufactured various radio components and unique products su ch as Satellite Communications, HF Communications, Electronic Warfare, and Radar systems. Currently, Avantel is working on expanding its portfolio by developing SCA-compliant Software Defined Radios, High Power HF systems, Air Defence Radars, and Small Satellites.

The company's consolidated net profit jumped 82.9% to Rs 8.01 crore on 155.5% surge in net sales to Rs 68.95 crore in Q1 FY24 over Q1 FY23.