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Shares of Alok Industries surged 24% in nine trading sessions from its recent closing low of Rs 17.55 on 24 August 2023.
The stock hit 52-week high of Rs 21.88 today. The counter has zoomed 116.09% from its 52-week low of Rs 10.07 hit on 22 February 2023.
On the BSE, 112.94 lakh shares were traded in the counter so far compared with average daily volumes of 102.93 lakh shares in the past two weeks.
The scrip had outperformed the market in past one month, advancing 42.50% as against 0.11% decrease in Sensex.
The scrip outperformed the market in past one quarter, jumping 60.83% as against Sensex's 4.55% increase.
However, the counter had underperformed the market in past one year, rising 8% as against Sensex's 10.9% surge.
On the technical front, the stock's daily RSI (relative strength index) stood at 81.993. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
On the daily chart, the stock was trading above its 50 day, 100-day and 200-day simple moving average (SMA) placed at 16.592, 15.183 and 14.589, respectively. These levels will act as crucial support zones in near term.
Mumbai-based Alok Industries is a textile manufacturing company.
The company's consolidated net loss widened to Rs 226.14 crore in Q1 FY24 as against a net loss of Rs 141.58 crore reported in Q1 FY23. Revenue from operations dropped 28.47% year on year to Rs 1,410.25 crore in the quarter ended 30 June 2023.
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