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Kaveri Seed shares jump 14% to hit one-year high after Budget announcement. Details here

Kaveri Seed shares jump 14% to hit one-year high after Budget announcement. Details here

Kaveri Seed share price: Kaveri Seed shares surged 13.57 per cent to hit a 52-week high value of Rs 1,099.95. It was last seen trading 9.84 per cent higher at Rs 1,063.90.

Kaveri Seed share price: The scrip has gained 64.89 per cent on a year-to-date (YTD) basis. Kaveri Seed share price: The scrip has gained 64.89 per cent on a year-to-date (YTD) basis.

Kaveri Seed Company shares saw a sharp uptick in Tuesday's trading session after Union finance minister Nirmala Sitharaman, in her Budget 2024 speech, allotted Rs 1.52 lakh crore to agriculture and allied sectors. "New 109 high-yielding and climate resilient varieties of 32 field and horticulture crops to be released for cultivation by farmers," she stated.

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On the stock-specific front, Kaveri Seed surged 13.57 per cent to hit a 52-week high value of Rs 1,099.95. It was last seen trading 9.84 per cent higher at Rs 1,063.90. At this price, the scrip has gained 64.89 per cent on a year-to-date (YTD) basis.

The counter witnessed high trading volume today on BSE as around 78,000 shares were last seen changing hands. The figure was higher than the two-week average volume of 11,000 shares. Turnover on the counter came at Rs 8.16 crore, commanding a market capitalisation (m-cap) of Rs 5,385.67 crore.

There were 15,134 buy orders against sell orders of 14,657 shares.

On the technical setup, the counter traded higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-day and 200-day simple moving averages (SMAs).

The counter's 14-day relative strength index (RSI) came at 69.17. 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 17 against a price-to-book (P/B) value of 4.04. Earnings per share (EPS) stood at 56.96 with a return on equity of 23.77.

The small-cap agriculture firm specialises in hybrid seeds in key Indian crops. As of June 2024, promoters held a 60.50 per cent stake in it.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Published on: Jul 23, 2024, 11:53 AM IST
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Kaveri Seed Company Ltd
Kaveri Seed Company Ltd