Shares of Jai Corp Ltd resumed their upward run in Thursday's trade after a single-day hiatus. The stock jumped 20 per cent to hit a 52-week high of Rs 372.05. At this price, it has soared around 80 per cent in a month. The scrip has given multibagger returns in last six months, rallying nearly 150 per cent.
In response to a BSE query over spike in share price, the company issued a clarification today. "We have no information as to the reason for significant movement in the price of the company's security across exchanges, in the recent past," it stated.
We also have no information or announcement to make at this point of time with respect to the company's operation and performance which may have a bearing on the price/volume behavior of shares, it added.
The counter was trading higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150- and 200-day simple moving averages (SMAs). The counter's 14-day relative strength index (RSI) came at 81.08. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a negative price-to-equity (P/E) ratio of 1934.55 against a price-to-book (P/B) value of 4.02.
The scrip has a one-year beta of 1.49, indicating high volatility.
Bourses BSE and NSE have put the securities of Jai Corp under the short-term ASM (Additional Surveillance Measure) framework. Exchanges put stocks in short-term or long-term ASM frameworks to caution investors about high volatility in share prices.
On BSE, 10.65 lakh shares changed hands today. The figure was way more than the two-week average volume of 5.64 lakh shares. Turnover on the counter came at Rs 37.52 crore, commanding a market capitalisation (m-cap) of Rs 6,439.35 crore.
Jai Corp was incorporated in 1985. The company is engaged in manufacturing businesses such as steel, plastic processing and spinning yarn. It is currently focusing and investing in emerging opportunities like developing SEZs, infrastructure, venture capital and real estate.
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