Mirza International share price: The stock traded higher than the 5-day, 20-, 50-, 100- and 200-day moving averages Mirza International share price: The stock traded higher than the 5-day, 20-, 50-, 100- and 200-day moving averages Mirza International share price: The stock traded higher than the 5-day, 20-, 50-, 100- and 200-day moving averages Shares of Mirza International on Wednesday continued their winning run for the ninth straight session. The stock today settled at its fresh upper price band of 5 per cent, at Rs 73.24. It has rallied 128.16 per cent in nine days.
Last month, the leather footwear maker demerged its branded business RedTape into a separate entity. Also, the promoter group-owned entity RTS Fashions was merged with Mirza International. The record date for the RedTape demerger and RTS Fashions' merger was March 29, 2023. A day before (on March 28), shares of Mirza International had settled at Rs 252.45, and on the record day, it opened lower at Rs 33.05 on the BSE and closed at Rs 34.70.
The Mirza Int stock, which is now trading ex-Red Tape, has then surged in 13 out of 16 sessions. The demerged entity, RedTape, is yet to be listed.
The RedTape board approved the allotment of 13,82,01,900 shares of a face value of Rs 2 each of RedTape, credited as fully paid up to the equity shareholders of Mirza Int, in a 1:1 share exchange ratio.
On the technical front, analysts largely suggested booking profits at current levels.
Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "In the current month, the said counter has given a whopping return. So, one should avoid fresh buying at the current market price and immediately book profit. As of now wait and watch."
AR Ramachandran from Tips2trades said, "Mirza International is very overbought on the daily charts with next resistance at 75. Investors should be booking profits at current levels and wait for a dip near support of Rs 36.60-40 to buy for better returns."
On the other hand, Ravi Singhal, CEO at GCL Broking, said, "The stock looks good ahead of the listing of RedTape."
The stock traded higher than the 5-day, 20-, 50-, 100- and 200-day moving averages. The counter's 14-day relative strength index (RSI) came at 34.46. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a price-to-equity (P/E) ratio of 6.12. It has a price-to-book (P/B) value of 1.16.
A total of 2.03 lakh shares changed hands today on BSE, which was lower than the two-week average volume of Rs 8.33 lakh shares. Turnover on the counter stood at Rs 1.48 crore, commanding a market capitalisation (m-cap) of Rs 1,012.19 crore.
Meanwhile, Indian equity benchmarks extended their gains today amid volatile trade, helped by buying in consumer goods, automobiles, banks, financials and technology stocks.