Texmaco Rail share price: The multibagger counter has gained 228.48 per cent from its one-year low price of Rs 40.49. 
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Texmaco Rail share price: The multibagger counter has gained 228.48 per cent from its one-year low price of Rs 40.49. Shares of Texmaco Rail & Engineering Ltd fell sharply in Tuesday's trade, halting their two-day upward run. The stock plunged 16.88 per cent to hit a day low of Rs 133 over its previous close of Rs 160. At today's low price, the scrip was down 18.83 per cent from its 52-week high of Rs 163.85, hit during the previous trading session on Monday. Although, the multibagger counter has gained 228.48 per cent from its one-year low price of Rs 40.49, a level seen on March 29, 2023.
Bourses BSE and NSE have put the securities of Texmaco under the long-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 technical setup, analysts largely said the stock looked 'bearish'. One of them suggested to book profits at current levels. Immediate support on the counter could be seen at Rs 134, followed by Rs 130 level.
Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher, said, "The stock has been on a good run for 2–3 months and maintained the uptrend consistently. Today, we saw some profit booking at higher levels. Short-term support could be seen at Rs 130 and strong support will be at Rs 115 level."
Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "Since last three months, the counter has been making higher highs and higher lows structure on a daily scale. At the current juncture, the said counter has taken support near 21-EMA (Exponential moving average). As we advance, Rs 150 would be stiff resistance and support is seen around Rs 130."
AR Ramachandran from Tips2trades said, "Texmaco Rail has turned bearish on the daily charts with strong resistance at Rs 158.6. Investors should be booking profits at current levels as a daily close below support of Rs 134 could lead to a sharp fall till Rs 115 in the near term."
Market expert Ravi Singh said, "The stock is looking weak on daily charts. It may decline towards Rs 115 in the near term."
The counter was last seen trading lower than the 5-day and 10-day simple moving averages (SMAs) but higher than the 20-day, 30-, 50-, 100-, 150-, 200-day SMAs. The counter's 14-day relative strength index (RSI) came at 54.34. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a price-to-equity (P/E) ratio of 90.45 against a price-to-book (P/B) value of 3.83.
The scrip has a one-year beta of 1.33, indicating high volatility.
Texmaco would turn ex-dividend next week on September 18. The company had announced a final dividend of 15 paise for the financial year 2022-23 (FY23).
Meanwhile, Indian equity benchmarks were trading higher in a volatile trade today as gains in technology and pharma shares countered losses in metal and energy stocks.
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