Gabriel India hit a 20% upper circuit for the second day in a row and rose to a fresh high in Wednesday's session. The share price has extended its record rally to the seventh day.
On Tuesday, Gabriel India hit a record high after it announced a major business restructuring plan. As part of the business restructuring plan, Gabriel India will integrate Anchemo India Pvt. with Asia Investments Pvt. It will subsequently demerge Anchemo's automotive business, which will then be merged into Gabriel India.
Gabriel India hit a 20% upper circuit and rose to a record high of Rs 1,011.30 apiece. It remained locked in the upper circuit as of 9:35 a.m., as compared to a 0.03% advance in the NSE Nifty 50 index.
The stock advanced 112.66% in 12 months and 113.35% on a year-to-date basis. Total traded volume so far in the day stood at 4.1 times its 30-day average. The relative strength index was at 89.80, which implied the stock is overbought.
Out of nine analysts tracking the company, seven maintain a 'buy' rating, and two recommend a 'hold', according to Bloomberg data. The average 12-month consensus price target implies a downside of 21.5%.
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