The stock’s 14-day relative strength index (RSI) is 62.74. For the uninitiated, a level above 70 is considered overbought or overvalued, and below 30 is defined as oversold or undervalued.
Shares of smallcap FMCG company Krishival Foods Limited gained on Tuesday, even as stock markets started the trading session in the red amid mixed global cues. The stock started the trading session in the red at Rs 491 against the previous close of Rs 491.60 on the BSE. However, it gained amid buying to touch a high of Rs 495, representing a 0.69 per cent gain from the last closing price. The scrip has gained after three days of consecutive fall and is just 2.79 per cent away from the 52-week high of Rs 506.4. The 52-week low of the scrip is Rs 355.
Technically, the stock trades higher than the 20-day, 50-day, 100-day and 200-day moving averages but lower than the 5-day moving averages.
The stock’s 14-day relative strength index (RSI) is 62.74. For the uninitiated, a level above 70 is considered overbought or overvalued, and below 30 is defined as oversold or undervalued.
Company approves rights issue
The action in the stock comes as the company has informed exchanges that its board of directors has approved a rights issue to raise funds to bolster its financial position. According to the information shared, the board has approved raising funds of up to Rs 10 lakh through partly paid-up equity shares.
“Approved the fund raising by way of offer and issuance of partly paid-up equity shares of the Company of face value of ₹ 10 each (the “Equity Shares”) for an amount not exceeding ₹ 10,000 lakhs by way of a rights issue (“Rights Issue”) to the eligible equity shareholders of the Company,” the company said in an exchange filing.
Krishival Foods is an FMCG player focused on nuts, dried fruits and ice cream. The company sells its nuts and dried fruits under the brand ‘Krishival Nuts’ and ice cream under the brand ‘Melt n Melow’ through its subsidiary.
Share Price History
The stock has delivered a positive return of 72.55 per cent in five years and 81.60 per cent in one year. On a year-to-date (YTD) basis, the scrip has gained 97.44 per cent.
(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
