McLeod Russel share price hits a 52-week high amid bulk deal by Altius Finserv; check details
- McLeod Russel share price surged nearly 5% to a 52-week high today after a bulk deal. Despite a strong start, profit booking led to a decline. Analysts recommend caution, noting breakout levels for support and resistance in the stock's performance.
McLeod Russel share price saw a significant increase of nearly 5% today, reaching a 52-week high during Tuesday's trading session. This surge followed a bulk deal on December 2, where Altius Finserv Private purchased 12 lakh shares of McLeod Russel India at an average price of ₹39.87. However, McLeod Russel share price today slipped into red following a positive start on the back of profit booking.
On Tuesday, McLeod Russel share price opened at ₹40.02 apiece on the BSE, the stock touched an intraday high of ₹41.85 and an intraday low of ₹39.02 per share. Rajesh Bhosale, equity technical and derivative analyst at Angel One, highlighted that in the last few sessions, we have seen a strong surge in this counter moving upwards in upper circuits; on the weekly chart, prices have broken above a critical level of 37 and are expected to extend up move in the near term. Having said that, aggressive bets should be avoided in a counter that moves in a circuit; breakout levels around 37 are likely to act as support, whereas 48-50 act as resistance.
According to Trendlyne data, McLeod Russel share price increased by 91.57% over the past year, outperforming its sector by 66.07%.
McLeod Russel India has recently faced a cybersecurity incident, specifically a ransomware attack targeting its IT infrastructure. In response to this situation, the company's management has taken immediate steps to minimize the potential impact on its operations.
In their regulatory filing, McLeod Russel confirmed that the technical team is actively engaged in retrieving and restoring the compromised systems. Fortunately, the company has indicated that the attack has not had a material impact on its ongoing operations, allowing them to maintain business continuity during this challenging time.
According to reports, Mcleod Russel India's net profit increased by 38.25%, reaching ₹84.54 crore for the quarter ending September 2024, compared to ₹61.15 crore in the same quarter of the previous year (September 2023). Additionally, sales rose by 23.71%, reaching ₹452.62 crore in the quarter ending September 2024, up from ₹365.88 crore during the previous quarter ending September 2023.
McLeod Russel India Limited is a prominent player in the tea industry, primarily involved in the cultivation and manufacturing of a variety of teas. The company has established a global presence with its operations spanning several geographical segments, including India, Vietnam, Uganda, Rwanda, and the United Kingdom, among others.
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