Top Trending Stock: Apart from India, business is spread in seven countries, bumper profit in five years, know who is this nine percent jumping stock – top trending stock ashapura minechem ltd jumps nine percent
Mumbai: The stock market is witnessing a mixed performance amid high volatility on the weekly expiry day. They started with a downfall but have recovered from it now. Meanwhile, a share of the mining and chemical sector is witnessing huge volatility. Shares of Ashapura Minechem Ltd have gained nine per cent. Along with this, huge enthusiasm of investors is being seen in this. This company was established on 19 February 1982. It is engaged in mining, manufacturing and trading of various minerals and derivative products. The company provides multi-mineral solutions for industries ranging from soap to steel, energy, edible oil, metal, medicine, cement and ceramics. The company has a network across India and seven other countries. At present the sale and distribution of the company’s products is in three states Gujarat, Rajasthan and Madhya Pradesh. The company has delivered profit growth with a CAGR of over 25.4% in the last five years. Also, its debtor days have also improved from 127 to 88.6 days.
Technically, the stock has rallied 16 per cent from its two-week low and broke the consolidation range of Rs 122 to Rs 98. It gained more than nine per cent on Thursday and has touched the neckline of its trend reversal price pattern on the daily chart. It is based on the September 2022 high to January 2023 high. If it closes above the neckline, it will register a technical breakout. This will give an idea of the further trend in the stock. All the short-term moving averages of the stock are in the bullish zone and are indicating a price pattern. That is, it is indicating a strong momentum ahead. Small-cap momentum traders and investors should keep this stock in their watchlist. This article is powered by Dalal Street Investment Journal, India’s No. 1 Investment Magazine. Click here to get regular updates about Winning Stocks and Recommendations.
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