Jupiter Wagons shares hit fresh all-time high, stock up 27% in 5 sessions

Shares of Jupiter Wagons Ltd extended their upward run for the fifth straight session in Monday's trade. The stock today rose 3.86 per cent to hit a new record high of Rs 507.15. At this price, it has gained 27.07 per cent in five trading days.

The company has recorded a 156 per cent jump in its standalone net profit, at Rs 104.22 crore, in the March quarter, on account of higher income. It had reported a net profit of Rs 40.78 crore in the year-ago period.

Jupiter Wagons' total income during the quarter rose to Rs 1,121.34 crore from Rs 712.71 crore in the corresponding period last year. EBITDA for Q4 FY24 came at Rs 147.72 crore, up 59 per cent YoY.

On technical setup, support on the counter could be seen at Rs 460 and immediate resistance may be found at Rs 510. An analyst suggested booking profits at current levels.

AR Ramachandran from Tips2trades said, "Jupiter Wagons is bullish but also overbought on daily charts with next resistance at Rs 510. Investors should consider booking profits."

Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking, "Next resistance on the counter will be at Rs 510. Support on the counter could be seen at Rs 460."

Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "The expected trading range will be between Rs 430 and Rs 510 for a month."

The company's order book as of March 31, 2024, stood at Rs 7,101.66 crore. During the March quarter, it has bagged three major order wins.

First one was from the Ministry of Railways valued at Rs 957 crore, second was from the Ministry of Defence worth Rs 473 crore and last one was from Double Decker Automobile Carrier Wagons totaling Rs 100 crore.