Rajesh Exports’ shares hit a new 52-week high on Monday as the stock jumped about 10 per cent during the early trading session. The gold retailer has been moving higher at Dalal Street over the sharp rise in gold prices in the domestic and global markets.
Shares of Rajesh Exports jumped about 10 per cent to Rs 1028.40 on Monday, before the stock gave up its entire gains by 11.45 to Rs 941.3 am. The scrip had settled at Rs 946.90 on Friday. The stock has jumped about 45 per cent in the year 2023 so far, whereas it is up by 65 in the last six months.
Rajesh Exports has recently signed a pact with the Centre and Karnataka government for a 5GWh Lithium cells factory. The company is foraying into advanced technology energy solutions business. It is among one of the three successful participants in the Rs 18,100 crore PLI Scheme for production of advanced chemistry cells.
Rajesh Exports has incorporated a wholly-owned subsidiary — named ACC Energy Storage — for execution of the project.
The Tripartite Agreement has been executed wherein the Ministry of Heavy Industries, Government of India has assured of all the required support for setting up of 5 GWhr Giga Factory, the company said in an exchange filing.
“The Department of Industries and Commerce, Government of Karnataka has also assured all the required support and tailor-made incentive package for setting up the Giga Factory and ACC Energy Storage has undertaken to execute the project within the required time limit,” said the filing further.
Analysts are largely positive on the stock. Ravi Singhal, CEO, GCL Broking said that the stock is showing performance continuously. “If it is above to close above Rs 1,000 then it can reach up to Rs 1,400 in 6 months,” he said.
Rajesh Exports is in a structurally up trend after making recent lows. The historical price action in the stock reflects that any meaning full in the stock attracts market participants, which helps it to gain its uptrend, said Ravi Singh, Vice-President and Head of Research at Share India.
“Currently, On technical setup, the 14 periods RSI is in Buy zone, the parabolic SAR is trading below the price action which indicates up move in the stock is probable in near term. The stock is trading well above its MAs further strengthening the bull run. The immediate support is placed around Rs 840 and immediate resistance is placed at Rs 1,050,” he said.
Rajesh Exports is the largest manufacturer of gold products in the world. It has set up 82 retail jewellery showrooms under the brand name of ‘Shubh Jewellers’.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Business Today)
Also read: Tata Steel shares slip over 2% ahead of Q3 earnings; here’s what to expect
Also read: KPIT Tech, Chola Finance, Ashok Leyland, Supreme Ind: Axis Securities see up to 18% rise in these 4 stocks