Eureka moment for Kabra Extrusion: Stock zooms 14 per cent, records fresh all-time high!

The stock’s 5-year P/E range stands between 9 and 36 while currently, the P/E of the stock stands at 28.49 as against sector P/E of 19.03. 

It has been just a couple of hours since the market opening and one stock is already having a ball! The name of the stock is Kabra Extrusion Technik, which opened at Rs 222.50, made a low of Rs 219.50 but soon after that, went from strength to strength and surged almost 15 per cent on Tuesday.  

The surge in the stock price is seen on the back of a spurt in volume. The total trade volume for the stock has already surpassed its prior trading session’s volume.   

So, what’s working in the favour of this stock? Battrixx, which is a battery division of the company, has announced its association with WardWizard Innovations & Mobility Limited. It has received its single largest order to supply 8,000 battery packs for Joy e-Bike (electric two-wheelers) produced by WardWizard.   

As per the company’s MD, “This collaboration will redefine electric mobility solutions for the buyers by providing products that are proven and tested with the highest level of safety standards.”  

Interestingly, from a technical standpoint, the stock took support around its 50-DMA and bounced back. It is comfortably placed above its long-term moving average i.e. 200-DMA and the price is about 60 per cent above its 200-DMA.   

The stock’s 5-year P/E range stands between 9 and 36 while currently, the P/E of the stock stands at 28.49 as against sector P/E of 19.03.