Lakshmi Machine Works hits all time high; rises 12% in five trading session

Lakshmi Machine Works rose 2.80% to Rs 11,835, extending its gaining streak to fifth consecutive trading session.

Shares of Lakshmi Machine Works jumped 12.24% in five trading sessions from its previous closing low of Rs 10,544.45 on 8 August 2022. The counter hit a record high of Rs 11,900 in intraday today. The stock has surged 55.55% from its 52-week low of Rs 7,608.30 recorded on 25 August 2021.

In last one month, the stock has jumped nearly 17.87%, outperforming the Nifty 50 index which rose 10.17% in the same period.

On the daily chart, the stock is trading above its 50, 100 and 200-day simple moving average placed at 9663.99, 9505.20and 9614.36 respectively. These levels will act as crucial support zones in near term.

On the technical front, the stock's daily RSI (relative strength index) stood at 80.07. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

Lakshmi Machine Works is a leading textile machinery manufacturer in India and one among the three in the world to produce the entire range of spinning machinery.

The company reported a consolidated net profit of Rs 72.62 crore in Q1 FY23 compared with net loss of Rs 9.58 crore in Q1 FY22. Revenue from operations soared 114.73% YoY to Rs 982.63 crore in the quarter ended 30 June 2022.

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