It has been in a strong short-term uptrend, bouncing over 13% from its previous swing low of Rs 557 in just 4 trading sessions. The day rose for the third day in terms of volume and was higher than the 30-day and 50-day moving averages. On the technical chart the stock has made higher highs and higher lows on the daily chart, which is a positive price structure.
In addition to its positive price structure, the stock is strong from a technical perspective. The 14-period daily RSI (68.01) is in bullish territory and above its previous swing high. ADX (15.33) is in uptrend and trend is strong. MACD has indicated a bullish crossover, while OBV is showing buying interest in the stock.
KPIT Technologies, an auto industry focused technology company posted a 41 percent profit in the June half. That is, collected a revenue of Rs.85.4 crore. The Pune-based company grew by 21.41 percent. Total income stood at Rs 701 crore. Last year the income in this half was Rs 577 crore.
Operating profit also increased. The profit in the current half has been 19.4 percent. Whereas last year the profit was 17.3 percent.
The company hired 900 people in the June quarter to take its total workforce to 9,183. It will cross the 10,000 employee mark in the second quarter of this fiscal.
It reported a total contract value of USD 155 million for the reporting quarter.
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