Breakout stock: This high RoE Tata Group stock is outperforming markets

Tata Elxsi has bounced form its short-term moving average of 20D EMA and is seen outperforming markets on Monday trading session. The shares of Tata Elxsi have broken its immediate resistance level and is seen gaining in price with a huge surge in volume. 

A bullish hammer candlestick chart pattern was seen in Tata Elxsi on daily chart and in the past three trading sessions the stock is witnessing incremental buying. 

Tata Elxsi share price is trading with gains of more than 2 per cent on Monday and is inching closer to its all-time highs of Rs 4575 per share made in July. 

Tata Elxsi is trading with a PE multiple of 66 and its ROE is ~30.  At current price the dividend yield for the stock is 0.54 per cent. 

Tata Elxsi is amongst the world’s leading providers of design and technology services across industries including Automotive, Media, Communications and Healthcare. Tata Elxsi provides integrated services from research and strategy, to electronics and mechanical design, software development, validation and deployment, and is supported by a network of design studios, global development centers and offices worldwide.