Key Events This Week
9 Feb: Intraday high surge to Rs.181 with a 7.03% gain
9 Feb: Mojo rating upgraded from Strong Sell to Sell
9 Feb: Technical momentum shifts to mildly bearish trend
13 Feb: Week closes at Rs.167.10, down 1.27%
9 February: Strong Intraday Rally and Rating Upgrade
On 9 February 2026, S H Kelkar & Company Ltd demonstrated significant strength, surging 5.11% to close at Rs.177.90, with an intraday high of Rs.181. This 7.03% intraday gain notably outperformed the Sensex’s 1.04% rise, signalling robust buying interest. The stock opened with a gap-up of 2.13%, maintaining upward momentum throughout the session.
This price action coincided with MarketsMOJO’s upgrade of the stock’s Mojo Grade from Strong Sell to Sell, reflecting a nuanced improvement in technical indicators despite ongoing financial challenges. The upgrade was driven by a shift from bearish to mildly bearish technical trends, including mixed signals from MACD, RSI, Bollinger Bands, and On-Balance Volume metrics.
Despite the positive price movement, the company’s financial performance remained subdued, with Q3 FY25-26 profit before tax excluding other income falling 44.6% to ₹14.85 crores and net profit after tax declining 54.4% to ₹10.66 crores. Return on capital employed was a modest 7.42% for the half-year ended December 2025, underscoring profitability pressures.
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10–12 February: Consolidation Amid Mixed Technical Signals
Following the strong start, the stock experienced a mild correction and consolidation over the next three trading days. On 10 February, it declined 1.80% to Rs.174.70, with volume increasing slightly to 31,354 shares. The Sensex continued to rise modestly, gaining 0.25% that day.
On 11 February, the stock price was largely unchanged, slipping 0.09% to Rs.174.55 on lower volume of 10,049 shares, while the Sensex edged up 0.13%. The following day, 12 February, saw a slight gain of 0.11% to Rs.174.75, despite the Sensex retreating 0.56%, indicating some relative resilience.
Technical indicators during this period remained mixed. The stock traded near its 20-day and 50-day moving averages, which acted as resistance levels. MACD readings stayed bearish, while RSI hovered in neutral territory. Bollinger Bands suggested mild bearishness, with the price closer to the lower band. On-Balance Volume showed mild bullishness on a weekly basis, hinting at some accumulation despite the sideways price action.
13 February: Sharp Decline on Low Volume Caps the Week
The week concluded with a notable decline on 13 February, as the stock fell 4.38% to close at Rs.167.10 on thin volume of 4,088 shares. This drop outpaced the Sensex’s 1.40% fall, reflecting a more pronounced negative sentiment for the stock on the final trading day.
This decline erased much of the week’s earlier gains, leaving the stock down 1.27% from the previous Friday’s close. The sharp fall on low volume suggests a lack of strong buying support at these levels, consistent with the cautious technical outlook and ongoing fundamental concerns.
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Daily Price Comparison: S H Kelkar & Company Ltd vs Sensex
| Date | Stock Price | Day Change | Sensex | Day Change |
|---|---|---|---|---|
| 2026-02-09 | Rs.177.90 | +5.11% | 37,113.23 | +1.04% |
| 2026-02-10 | Rs.174.70 | -1.80% | 37,207.34 | +0.25% |
| 2026-02-11 | Rs.174.55 | -0.09% | 37,256.72 | +0.13% |
| 2026-02-12 | Rs.174.75 | +0.11% | 37,049.40 | -0.56% |
| 2026-02-13 | Rs.167.10 | -4.38% | 36,532.48 | -1.40% |
Key Takeaways
Positive Signals: The stock’s intraday surge on 9 February to Rs.181 marked a strong short-term rally, outperforming the Sensex and signalling renewed buying interest. The upgrade from Strong Sell to Sell by MarketsMOJO reflects a modest improvement in technical indicators, including a shift to a mildly bearish trend and some accumulation as indicated by On-Balance Volume.
Cautionary Factors: Despite technical improvements, fundamental challenges persist. The company’s recent quarterly earnings showed significant declines in profitability, with PBT and PAT falling sharply. Return on capital employed remains low, and long-term returns continue to lag the benchmark. The stock’s sharp decline on 13 February on low volume highlights ongoing vulnerability and lack of strong support at current levels.
Market Context: The broader Sensex declined 0.54% over the week, with the stock’s 1.27% fall representing a modest underperformance on a weekly basis. The mixed technical signals and subdued financial performance suggest that the stock remains in a consolidation phase, with resistance at key moving averages and no clear breakout yet.
Conclusion
S H Kelkar & Company Ltd’s week was characterised by a strong early rally followed by consolidation and a late-week pullback. The upgrade in Mojo Grade to Sell from Strong Sell reflects a cautious optimism driven by technical momentum shifts, but fundamental weaknesses continue to weigh on the stock’s outlook. Investors should remain attentive to key technical levels and monitor upcoming financial results for signs of sustained recovery. The stock’s relative outperformance versus the Sensex early in the week was offset by the late decline, underscoring the mixed signals that currently define its trading environment.
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