VST Industries shares tank 17% ahead of Q1 results announcement

VST in an exchange filing, informed that a meeting of the board of directors of the company will be held on Thursday, July 25, 2024, inter-alia to consider and approve the unaudited financial results of the company for the quarter ended June 30, 2024 (Q1FY25). The board may consider the issue of bonus shares in the aforesaid board meeting,” VST said.

In Q4FY24, the company reported a 28.38% jump in net profit, at ₹88.20 crore, against ₹68.70 crore in Q4FY23. Sales for the quarter rose by 24.35% to ₹374.13 crore, compared to ₹300.86 crore a year ago-period.

Meanwhile, ace Investor Radhakishan Shivkishan Damani held a 3.47% stake in the company at the end of the June quarter.

The stock is trading with heavy volumes with over 6 lakh shares which is much higher than the 1-week average of 2 lakh shares. On the BSE, the stock fell with a spurt in volume by 4.66 times.

The stock is trading below its 5, 10, 20, 50 and 100-day simple moving averages (SMA) but is above the 200-day SMA. The relative strength index (RSI) at 76 indicates that it is in an overbought zone.

As per the Fibonacci technique, the support is placed at ₹4,529.43, ₹4,468.10 and ₹4,368.82 levels while the resistance is seen at ₹4,728, ₹4,789.33 and ₹4,888.62 levels.

VST Industries stock has fallen 5.2% last month but gained over 14% year-to-date. Meanwhile, the Nifty 50 has gained 3.9% in the previous month. The company’s market capitalisation, at current market price of ₹3876.4 per share, stands at ₹5,971.78 crore. The stock touched a 52-week low of ₹3,159.9 on October 26, 2023. The stock’s price-to-equity ratio is 23.9 times and has a return of equity of 24%, as per the data available on BSE.