Shares of National Standard (India) Ltd rose on Tuesday, halting their losing run of seven straight sessions. The stock settled 1.66 per cent higher at Rs 4,277.75 over its previous close of Rs 4,208. The scrip has lost 7.66 per cent in the past one month but has gained 6.02 per cent in 2023 so far. Turnover on the counter stood at Rs 3.58 lakh, commanding a market capitalisation (m-cap) of Rs 8,555.50 crore.
Support on the counter could be seen at Rs 4,124, an analyst said, while another suggested that the stock looked ‘bearish’.
Jigar S Patel, Senior Manager – Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, “The counter is trading below all key daily moving averages, hinting at a bearish stance in the counter. In coming to a few sessions, we may see Rs 3,800 levels. As of now, no fresh longs are advised.”
AR Ramachandran from Tips2trades said, “National Standard has strong resistance at Rs 4,445 on the daily charts. A close above this resistance could lead to targets of Rs 5,000-5380 in the near term. Support will be at Rs 4,124.”
The stock traded lower than the 5-day, 20-, 50-, 100- and 200-day moving averages. The counter’s 14-day relative strength index (RSI) came at 35.62. 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 531.25.
The scrip has a one-year beta of 0.59, indicating low volatility on the counter.
On the earnings front, National Standard’s net profit rose 13.29 per cent to Rs 3.24 crore in the December quarter (Q3) as against Rs 2.86 crore during the same period a year ago. Revenue from operations grew by a whopping 19,233.33 per cent to Rs 5.80 crore in Q3 FY23 as against Rs 3 lakh in Q3 FY22. The company’s total income stood at Rs 8.55 crore in Q3 FY23 over a net income of Rs 4.42 crore in Q3 FY22.
The company is promoted by Mumbai-based Macrotech Developers (formerly Lodha Developers), which, as of December 2022, owns a 73.94 per cent stake in National Standard. National Standard is a part of Lodha Group since May 2011.
It was incorporated on August 20, 1962, as National Standard Duncan Ltd under the Companies Act, 1956. The name was changed from National Standard Duncan Ltd to National Standard (India) Ltd.
The company is presently engaged in real estate development. It has undertaken an aspirational residential project of Lodha Grandezza in Thane, Wagle Estate. The project comprises twin 18-storey residential towers in a mixed-use development with three commercial Supremus towers comprising boutique offices with spaces in the range of 2,000 square feet to 20,000 square feet.
Meanwhile, Indian equity benchmarks closed with decent gains, led by strong buying interest in banks, financials, consumer durables and energy stocks.
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