Strong corporate results have positively shaped the performance in the midcap and Smallcap space, with many good quality stocks hitting their fresh all-time high in recent period. Nifty Midcap has surged nearly three quarters of a percent during the early hours of Tuesday’s trading session. Meanwhile, one company that has reported stellar Q4 numbers has seen fresh buying interest from long-term investors.
Carborundum Universal has reported a massive 140% YoY jump in consolidated net profits during the fourth quarter of FY22-23 to Rs 134 crore as against Rs 52 crore during the same period last financial year. Also, revenue grew by 38% YoY from Rs 859 crore to Rs 1,183 crore, along with improvement in margins.
Interestingly, the management has recommended a final dividend of Rs 2 per share for the face value of Re 1 per share to the shareholders of the company. The company previously has declared an interim dividend of Rs 1.5 per share, taking a tally of total dividends to Rs 3.50 per share.
With this, the stock witnessed strong buying interest on Tuesday as it marked its fresh lifetime high level of Rs 1184 on NSE. Positive sentiment is very well reflected in volumes as volumes stood multifold and above 50-day average volume.
As per the technical chart, the stock had registered a breakout from its 67-week cup and handle pattern, which is a sign of medium-term bullishness. Also, the 14-period daily RSI (72.93) lies in the super bullish territory and supports the positive momentum of the stock. The trend indicator ADX (42.86) shows a strong uptrend, along with MACD. The OBV is rising and is at its peak, showing positive buying sentiment. Overall, the stock is expected to show positive results in times to come, given good corporate results and bullish technical parameters.
Currently, the CARBORUNIV share price is up over 6% during Tuesday’s trading session. Long-term investors should track this stock for upcoming trading sessions.
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