Shares of Dhani Services Ltd, formerly known as Indiabulls Ventures Ltd, rose sharply in fag-end trade on Monday, extending their rebound for the fourth straight session. The stock settled 11.36 per cent higher at Rs 29.61 over its previous close of Rs 26.59. At today’s close, the stock has climbed 25.36 per cent from its 52-week low of Rs 23.62, a level seen on March 28 this year. Yet, the scrip has lost 60.18 per cent compared to its one-year high of Rs 74.35, hit on April 5, 2022.
The company, in an exchange filing, said it has undergone leadership changes. “Sameer Gehlaut, from March 31, 2023, will move to the role of Non-Executive Chairman of the company. The Board has also appointed Divyesh B Shah, presently a whole-time director designated as COO of the company, as Chief Executive Officer,” the company stated.
“Shah has held various leadership positions, which has equipped him with the knowledge and expertise necessary to lead the business effectively. He has worked closely with different business units and played an instrumental role in expanding the company’s footprint across multiple industries,” Dhani further mentioned.
“Dhani Services looks very bullish with strong support at Rs 26.50 on the daily charts. A daily close above resistance of Rs 31.15 could lead to targets of Rs 36.50-40 in the near term,” said AR Ramachandran from Tips2trades.
The stock traded higher than the 5-day and 20-day moving averages but lower than the 50-day, 100- and 200-day moving averages. The counter’s 14-day relative strength index (RSI) came at 51.14. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company’s stock has a price-to-equity (P/E) ratio of 180.98.
The scrip has a one-year beta of 1.19, indicating high volatility on the counter.
A total of 9.26 lakh shares changed hands today on BSE, which was higher than the two-week average volume of 7.24 lakh shares. Turnover on the counter stood at Rs 2.65 crore, commanding a market capitalisation (m-cap) of Rs 1,786.17 crore.
Dhani offers a range of products across both fintech and healthtech services. On the financial services front, customers can choose from a suite of products to help manage all their financial needs on a daily basis. Dhani is also home to an online store through which customers can get their hands on all daily need items. Its other financial services include investing, trading, and growing their wealth through smart stock broking solutions.
Meanwhile, Indian equity benchmarks extended their gains for the third straight session today after a highly volatile trading session. The 30-share benchmark BSE Sensex settled 115 points or 0.19 per cent higher at 59,106, while the broader NSE Nifty moved 38 points or 0.22 per cent higher to close at 17,398.
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