The stock’s 14-day relative strength index (RSI) is 28.56. For the uninitiated, a level above 70 is considered overbought or overvalued, and below 30 is defined as oversold or undervalued.
Shares of multi-format food service company Spice Lounge Food Works were locked in the 5 per cent upper circuit even as Indian equity benchmark indices remained volatile. While the 30-share BSE Sensex shed 269.15 points to start the session at 83,358.54, the Nifty fell 83.75 points to open at 25,648.55. Amid this, the shares of the company started the trading session gap down with a fall of 4.98 per cent at Rs 31.28 against the previous close of Rs 32.92. However, the stock rebounded amid buying at lower levels and touched a high of Rs 34.56. The scrip has traded in a wide range of Rs 3.28.
The scrip is trading lower than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages. The stock’s 14-day relative strength index (RSI) is 28.56. For the uninitiated, a level above 70 is considered overbought or overvalued, and below 30 is defined as oversold or undervalued.
Meanwhile, the BSE has placed the stock under the Short Term Additional Surveillance Measure Stage 4 (ST ASM-4) framework.
Share price history
According to BSE Analytics, the stock has delivered a return of 2853.85 per cent in five years. In three and two years, it yielded a return of 757.57 per cent and 614.05 per cent, respectively. However, the scrip has corrected 8.98 per cent on a year-to-date (YTD) basis as against the correction of 1.68 per cent in the benchmark index.
Company acquires Singapore-based company
Recently, the company informed exchanges that its board of directors has approved the purchase of a 100 per cent stake in Singapore-based Prisha Infotech.
The company stated that the acquisition is expected to be completed within 12 months. The acquisition will be made for USD 150,000. According to exchange filings, the company is expanding its focus on technology-based solutions in the food service and hospitality sectors, in line with its long-term strategy of expansion, diversification, and global presence.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
