KPIT slips on profit booking

KPIT Technologies fell 0.47% to Rs 578.75, amid some profit bookings.

The stock had advanced 27.3% over the past six sessions to close at Rs 581.50 yesterday, compared to its recent closing low of Rs 456.60 recorded on December 20, 2021. The meter hit a record high of Rs 595 intraday today. The stock has soared nearly 357% from its 52-week low of Rs 127 recorded on December 29, 2020.

Since the start of 2021, KPIT Tech has given stellar returns to investors, up 310%, while the Nifty 50 index has gained 23.3% over the same period.

On the technical side, the stock’s RSI (relative strength index) stood at 71.499. The RSI fluctuates between zero and 100. Traditionally, the RSI is considered overbought when it is above 70 and oversold when it is below 30.

The stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 439.42, 386.01 and 305, respectively.

KPIT Technologies is a technology company focused on automotive engineering and mobility solutions. The company offers technological solutions to automotive OEMs under different practices such as powertrains (conventional and electric), connectivity, autonomy (vision and control systems) and diagnostics.

The company’s consolidated net profit increased by 133.42% to Rs 65.10 crore on a 21.71% increase in net sales to Rs 590.87 crore in Q2 FY22 compared to Q2 FY21.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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