Stock below Rs 30 locked at upper circuit: Multi-Year breakout alert – Swing traders; take note!

Additionally, the company's registration under Open Network Digital Commerce (ONDC) underscores its commitment to capitalizing on the burgeoning opportunities in digital e-commerce within the country, positioning itself at the vanguard of this evolving landscape

In the bustling landscape of the Indian stock market, where the green hue prevails in early trade on Wednesday, the Small-Cap index once again steals the spotlight, surging by an impressive 0.83 per cent. This surge is mirrored in the market's breadth, with 1511 stocks painting the tape green against 612 in the red.

Amidst this vibrant market activity, Patel Integrated Logistics emerges as a beacon of strength, firmly locked at its upper circuit limit of 20 per cent following the release of its Q3FY24 results.

Key Financial Highlights for Q3FY24:

- Income from Operations witnesses a robust growth of 25.6 per cent YoY, scaling to Rs 90.51 crore compared to Rs 72.04 crore in Q3FY23, driven primarily by an uptick in sales volume.

- Profit after Tax (PAT) sees a commendable surge of 28 per cent, reaching Rs 1.49 crore from Rs 1.16 crore in Q3FY23, attributed to savings in finance costs.

Key Operational Highlights for Q3FY24:

- Notable increase in sales volume both sequentially and year-on-year, with Q3FY24 sales volume reaching 15,115,401 kg, marking a significant uptick from 13,873,677 kg in Q2FY24 and 13,183,429 kg in Q3FY23.

Technical set-up:

From a technical standpoint, the stock exhibits a robust upward trajectory, marking a multi-year breakout reminiscent of April 2019 levels. The stock has soared to a fresh 52-week high, with all short and long-term moving averages trending upwards in the desired sequence. The daily MACD portrays a bullish stance, maintaining its position above the nine-period average, corroborating the positive sentiment. Similarly, the daily 14-period RSI shows a rebound after forming a base at the nine-period average, further bolstering the positive bias.

In terms of volumes, trading activity on NSE surpasses 31 lakh shares within the first 90 minutes of trade, a substantial increase compared to the 10-day and 30-day average volumes of 13.51 lakh and 8.51 lakh shares respectively. This surge in volume, coupled with the multi-year breakout, signifies significant participation in the prevailing uptrend, making it an attractive proposition for swing traders.

About Patel Integrated Logistics Limited:

Established in 1962, Patel Integrated Logistics Ltd. stands as a pioneer in multimodal logistics solutions in India. With a sterling reputation as a trusted name in the logistics sphere, the company offers a comprehensive suite of services, including transportation of high-density cargo by air and surface within India, covering all major airports across the nation.

Commenting on the Q3FY24 performance, Mr. Mahesh Fogla, Executive Director of Patel Integrated Logistics Ltd., expressed satisfaction with the commendable increase in turnover despite challenges such as a dip in ATF prices. He emphasized the company's strategic agility and resource optimization, exemplified by the successful monetization of non-core assets and proactive pursuit of inorganic expansion through EPS-accretive acquisitions.

Additionally, the company's registration under Open Network Digital Commerce (ONDC) underscores its commitment to capitalizing on the burgeoning opportunities in digital e-commerce within the country, positioning itself at the vanguard of this evolving landscape. Mr. Fogla reiterated the company's dedication to robust risk mitigation measures and delivering value to stakeholders, paving the way for sustained growth and success in navigating dynamic market conditions.

Disclaimer: The article is for informational purposes only and not investment advice.