Shares of VA Tech Wabag hit their record high on Friday. The multibagger stock gained 7.26% to a high of Rs 1906.70 against the previous close of Rs 1,777.60 on BSE. Market cap of VA Tech Wabag climbed to Rs 11,543 crore. This is the first time the VA Tech Wabag stock has risen above the Rs 1,900 mark. Later, VA Tech Wabag stock closed 4.42% higher at Rs 1856.20. The multibagger stock has gained 269% in a year and risen 612% in two years. A total of 0.44 lakh shares of the firm changed hands amounting to a turnover of Rs 8 crore on BSE. VA Tech Wabag stock has a one-year beta of 1.1, indicating high volatility during the period.
Rekha Jhunjhunwala, wife of late investor Rakesh Jhunjhunwala held 50 lakh shares or 8.04% stake in the firm at the end of the June 2024 quarter.
The stock fell to a 52 week low of Rs 440.05 on October 26, 2023.
In terms of technicals, the relative strength index (RSI) of VA Tech Wabag stands at 79.7, signaling it’s trading in the overbought zone.
VA Tech Wabag shares are trading lower than the 5 day, 10 day, 20 day, 30 day, 50 day and 100 day but higher than the 150 day and 200 day moving averages.
Shiju Koothupalakkal, Technical Research Analyst, PL Capital-Prabhudas Lilladher said, “The stock has maintained a strong uptrend since the last one year with currently hitting all-time high zone to gain strength breaking above the trendline zone at Rs 1580 levels. We expect further targets of 1870 and Rs 2050 levels in the coming days with the trend and maintaining the support near Rs 1580 levels from current rate. The RSI is on the rise indicating strength and has much upside potential from here on.”
Abhijeet Ramachandran, independent Sebi registered analyst said, “VA Tech Wabag stock price is bullish but also overbought on the Daily charts with next resistance at Rs 2040. Investors are advised to keep booking profits as a Daily close below support of Rs 1680 could lead to a target of Rs 1248 in the near term.”
VA Tech Wabag Limited is engaged in the water treatment field. The company’s principal activities include design, supply, installation, construction and operational management of drinking water, waste water treatment, industrial water treatment and desalination plants. It provides solutions for drinking water treatment, industrial and process water treatment, water reclamation, sea and brackish water desalination, municipal waste water treatment, industrial waste water treatment and sludge treatment.
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