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Business News/ Markets / Stock Markets/  Axiscades shares hit 52-week high for the third-straight session, locked in 5% upper circuit; here's what analysts say
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Axiscades shares hit 52-week high for the third-straight session, locked in 5% upper circuit; here's what analysts say

Axiscades Technologies stock hits 52-week high for third consecutive session, but analysts caution due to low volume. Refinancing of Mistral acquisition reduces interest expense.

Axiscades Technologies shares: As per trendlyne data, the stock price rose 296.5% and outperformed its sector by 289.8% in the past year.Premium
Axiscades Technologies shares: As per trendlyne data, the stock price rose 296.5% and outperformed its sector by 289.8% in the past year.

Axiscades Technologies shares touched 52-week high for the third-straight session on Tuesday and was locked in 5% upper circuit. Analysts said that the stock is moving in 5% circuit since last three sessions, overall the stock is in continuous uptrend.

However, analysts believe that the its a low volume counter and hence such circuit moving counters should be avoided, 440 seems immediate support whereas 500 is resistance.

Additionally, analysts pointed out that 52-week highs are not particularly meaningful when a stock is steadily rising and setting new 52-week highs every day. A trader looks at a stock's 52-week high when it occurs for the first time in a long time, or if prices have fallen, to compare the decline from the 52-week high.

The company announced on Monday that it had finished re-financing the existing debt of 210 crores borrowed for the Mistral acquisition in an exchange filing. The aforementioned refinancing will reduce the company's interest expense by more than 400 basis points annually. The stock's sentiment was further boosted by this news.

Axiscades Technologies completes acquisition of Mistral Solutions for 296 crore

As per trendlyne data, the stock price rose 296.5% and outperformed its sector by 289.8% in the past year.

Driven by higher income, engineering solutions provider reported a 55% increase in its consolidated net profit to 16.05 crore in the fourth quarter ended March 2023.

According to the company's regulatory statement it recorded a net profit of 10.64 crore during the January-March quarter of the 2021–22 fiscal year before.

The company's overall revenue increased from 195.55 crore to 222.07 crore in the three months ending in March 2023.

“The quarter & year under review mark a significant achievement along with significant improvement in profitability. Our integration with Mistral business is progressing as per plan and we continue to synergise our offerings to our current and potential customer base across the group, " said Arun Krishnamurthi, CEO & MD.

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Published: 27 Jun 2023, 11:07 AM IST
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