Ajax Engineering Faces Market Challenges Post-IPO Amid Increased Investor Participation
The stock has been on a downward trend, losing 1.48% over the past two days, with an intraday low of Rs 585.45. Ajax Engineering is trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a challenging market position.
Despite these challenges, there has been a rise in investor participation, with delivery volume increasing by 25.12% compared to the 5-day average. However, when compared to its peers, Ajax Engineering does not qualify in terms of quality and valuation metrics, with a P/E ratio of 30.49 and an EV/EBITDA of 22.64, positioning it less favorably against competitors like Praj Industries and Elecon Engineering, which have better ratings in both quality and valuation.
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