Garg Furnace Hits 52-Week Low Amid Mixed Financial Indicators and Promoter Confidence
Garg Furnace, a microcap player in the steel, sponge iron, and pig iron industry, has experienced significant activity today, hitting a new 52-week low of Rs. 175.8. This decline comes after a two-day consecutive fall, although the stock has shown some resilience by outperforming its sector by 3.07% today, reaching an intraday high of Rs. 185.Despite this brief uptick, Garg Furnace is currently trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a bearish trend. Over the past year, the stock has underperformed the market, with a decline of 47.89%, compared to the Sensex's drop of just 1.31%.
On a positive note, the company has demonstrated a strong ability to service its debt, reflected in a low Debt to EBITDA ratio of 1.09 times. Recent financial results show promising metrics, including a highest PBDIT of Rs. 2.20 crore and a notable increase in profits by 9.3% over the past year. Additionally, promoter confidence appears to be rising, with a 7.49% increase in their stake, now totaling 56.85%.
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