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    Pidilite Ind shares gain 0.39% as Sensex rises

    Synopsis

    On the technical charts, the RSI of the stock stood at 31.16.

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    Nagaraj Shetti, Technical Research Analyst at HDFC Securities, believes Monday's pattern could be considered as a High Wave, which reflects high volatility in the market at swing highs.
    Shares of Pidilite Industries Ltd. traded 0.39 per cent up at Rs 2300.25 at 10:31AM (IST) on Friday, even as BSE benchmark Sensex gained 235.46 points to 60167.7.

    The scrip had closed at Rs 2291.35 in the previous session. The stock quoted a 52-week high price of Rs 2916.85 and 52-week low of Rs 1988.6, respectively. As per BSE data, total traded volume on the counter till 10:31AM (IST) stood at 2331 shares with a turnover of Rs 0.54 crore.

    At the prevailing price, shares of the company traded at 94.1 times its trailing 12-month earnings per share of Rs 24.48 per share and 19.49 times its price-to-book value, BSE data showed.

    A higher P/E ratio shows investors are willing to pay a higher share price today because of growth expectations in the future.

    Price-to-book value indicates the inherent value of a company and reflects the price investors are ready to pay even for no growth in the business. The stock's Beta value, which measures its volatility in relation to the broader market, stood at 1.04.

    Shareholding Details

    Promoters held 68.69 per cent stake in the company as of 31-Dec-2022, while FIIs owned 11.13 per cent and DIIs 3.97 per cent.

    Technicals
    On the technical charts, the relative strength index (RSI) of the stock stood at 31.16. The RSI oscillates between zero and 100. Traditionally, it is considered overbought condition when the RSI value is above 70 and oversold condition when it is below 30. Chartists say, RSI should not be seen in isolation, as it may not be sufficient to take a trading call, just the way fundamental analysts cannot give a'buy' or'sell' recommendation using a single valuation ratio.



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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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