Globus Spirits hit an upper circuit of 5% at Rs 169.25 after the company's consolidated net profit surged 169.3% to Rs 18.69 crore on 22.3% drop in net sales to Rs 230.09 crore in Q1 June 2020 over Q1 June 2019.
Consolidated profit before tax (PBT) soared 106.40% to Rs 25.53 crore in Q1 June 2020 as against Rs 12.37 crore in Q1 June 2019. Current tax expense for the quarter rose 47.6% to Rs 4.71 crore as against Rs 3.19 crore in Q1 June 2019. The Q1 result was declared on post market hours yesterday, 24 August 2020.
On the technical front, the stock's RSI (relative strength index) stood at 72.770. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading above its 50-day moving average (DMA) placed at 137.40 and its 200-day moving average (DMA) placed at 121.84.
Globus Spirits is one of the leading players in the Indian alcoholic beverages industry. It caters to four important segments of the alcohol industry - Indian Made Indian Liquor (IMIL), Indian Made Foreign Liquor (IMFL), IMFL bottling and bulk alcohol.
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