Garg Furnace Hits New 52-Week Low at Rs. 144.95 Amid Ongoing Decline

Garg Furnace, a microcap player in the Iron & Steel Products industry, has reached a new 52-week low of Rs. 144.95 today, marking a significant downturn for the stock. This decline comes as the company has underperformed its sector by 1.17%, continuing a trend of losses over the past three days, during which it has seen a total drop of 5.78%. The stock's intraday low of Rs. 144.95 reflects a decrease of 7.38% from the previous close.
In terms of moving averages, Garg Furnace is currently trading below its 5-day, 20-day, 50-day, 100-day, and 200-day averages, indicating a sustained downward trend. Over the past year, the stock has experienced a substantial decline of 50.32%, contrasting sharply with the Sensex's performance, which has gained 8.50% during the same period.

The company's recent financial results have shown a decline in net sales, which hit a low of Rs. 60.15 crore, alongside a significant drop in profit after tax. Additionally, promoter confidence appears to be waning, as there has been a 3.5% reduction in their stake over the last quarter.