Permanent Magnets Ltd Experiences Surge with 20% Daily Gain Amid Strong Buying Activity
Permanent Magnets Ltd is experiencing notable buying interest, significantly outperforming the Sensex. The stock has gained 32.74% over the past week and marked consecutive gains for three days. Despite a challenging year-to-date performance, it has shown substantial growth over three and five years, indicating strong investor engagement.
Permanent Magnets Ltd is currently witnessing significant buying activity, with the stock showing a remarkable performance compared to the Sensex. Over the past day, Permanent Magnets surged by 20.00%, while the Sensex only increased by 0.97%. This trend continues over the week, with the stock gaining 32.74% against the Sensex's modest 0.96% rise. The stock has been on a positive trajectory, marking consecutive gains for the last three days, accumulating a total return of 32.1% during this period. Today, it opened with a gap up of 5.63% and reached an intraday high of Rs 922, reflecting a 15.25% increase from the previous close.
Despite a challenging year-to-date performance of -0.62%, Permanent Magnets has shown resilience with a three-year growth of 212.70% and an impressive five-year increase of 866.28%. The stock is currently trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a strong upward trend. The high volatility observed today, with an intraday fluctuation of 5.25%, suggests active trading and investor engagement in the stock.
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