Multibagger rail stock surges 10%. What is the trigger?
The price action was supported by strong volume action with over 1.09 billion shares traded on the NSE at around 10:10 am.
Today’s rally in Texmaco stock is the fourth consecutive session the stock has witnessed.
The multibagger rail counter has recorded a return rate of over 220% in the last 12 months, significantly outperforming the Nifty, which has seen a return rate of 15% during this period.
Texmaco stock is trading above its 50-day and 200-day simple moving averages (SMAs). Momentum indicators RSI and MFI are in the mid-range suggesting further upside. According to Trendlyne data, the RSI is 56 but the MFI for the day is 51.
Despite the strong share price gains, it has traded fairly steadily, with a one-year beta of 0.3, according to Trendlyne.
The company has the largest single location manufacturing facility with a 20% market share and manufactures alumina, ash, cement, coal, steel coils, containers, automotive, gasoline, LPG, food grains, defense products, and various other applications. Locomotive shell. Jupiter Wagons was another stock that rose 3% to hit an intraday high of Rs 343.40 after signing a contract with the Government of India for 4,000 BOXNS Wagons worth Rs 1,617 crores.
Railroad stocks are showing an upward trend due to strong orders. Another railway stock that rose today was IRFC, which rose over 4% to hit a 52-week high of Rs 100.80. Titagarh Rail Systems, Ircon International and BEML rose up to 3 per cent.
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