Stock surges 12 percent intraday; forms a robust bullish candle with a long upper shadow on the daily charts, indicating a bit of profit-booking at higher levels
Sunil Shankar Matkar
February 15, 2023 / 02:59 PM IST
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} Tejas Networks decisively broke its more than a month-long consolidation range and rallied 9 percent on February 15 afternoon despite volatility in the broader markets.The stock formed a robust bullish candle with a long upper shadow on the daily charts, indicating a bit of profit-booking at higher levels. In intraday trade, it surged more than 12 percent.At the time of writing this article, it was trading with 9 percent gains, the biggest single-day gain since August 29, 2022, at Rs 584 on the NSE, with significantly high volumes.The stock was also trading above its all short-term (5, 9 and 21-day EMA – exponential moving averages) as well as medium and long-term moving averages (50, 100, and 200-day EMA), indicating a positive mood among participants.It has also given a nice breakout of downward sloping resistance trendline adjoining highs of October 10, 2022 (record high) and February 1, 2023.The momentum indicator moving average convergence divergence (MACD) sustained the current strength, while the relative strength index (RSI) at around 60 levels is positively poised.
Recently after its quarterly earnings, there was a Doji kind of pattern formation on the daily charts, followed by a couple of small bearish candles with lower high, lower low formations, indicating continuity of consolidation in the stock.Improving financialsThe telecom and networking products manufacturer narrowed its consolidated loss to Rs 10.88 crore for the quarter ended December 2022, against a loss of Rs 24.3 crore in the same period last year, with a sharp jump in topline.Consolidated revenue grew sharply by 156 percent on-year to Rs 274.55 crore during the reporting quarter. The operating performance also improved with an EBITDA profit of Rs 8.01 crore for the quarter against an EBITDA loss of Rs 28.3 crore in the corresponding period of the last fiscal.”We continue to see strong business momentum with a robust order book of Rs 1,431 crore and a good pipeline of large orders for optical as well as wireless products,” Sanjay Nayak, MD and CEO of Tejas Networks said.
