IT stock remains volatile as board approves proposal to rename the company: Check details

Shares of IT services and business solutions provider Bartronics remained volatile on Friday’s trade, even as stock markets rallied in early trade. Benchmark indices Sensex and Nifty extended their previous session’s rally, in tandem with a positive global trend amid a rate cut by the US Federal Reserve. The 30-share BSE Sensex climbed 402.99 points to 85,221.12 during early trade. The 50-share NSE Nifty jumped 115.3 points to 26,013.85. The stock opened in green at 13.60 against the previous close of Rs 13.21 on the BSE. The stock opened with a gain of 2.95 per cent, and it jumped to hit a high of Rs 13.61 but later dipped to touch an intraday low of Rs 12.06, a dip of 8.71 per cent. Last seen, the counter was trading at Rs 12.35 with a dip of 6.51 per cent. The market cap of the company stood at Rs 376.15 crore.

The stock has fallen after four days of consecutive gains and technically, the counter trades higher than the 5-day and 20-day moving averages but lower than the 50-day, 100-day and 200-day moving averages.

The stock’s 14-day relative strength index (RSI) is 62.13. For the uninitiated, a level above 70 is considered overbought or overvalued, and below 30 is defined as oversold or undervalued.

Board approves proposal to change name

In its latest exchange filing, the company stated that its board of directors has approved several decisions, including the proposal to change its name to ‘Avio Smart Market Stack Limited,’ which will be effective after the ministry’s approval.

Additionally, the company plans to rename its wholly-owned subsidiary, BIL Healthtech Private Limited, in line with the new brand identity. The meeting also decided that the company will be able to borrow up to Rs 250 crore, subject to shareholder approval.

The board has also approved the proposal of the company to borrow Rs 100 crore from Kinex India Private Limited under a related-party transaction.