2 weeks Ago
On December 3, 2024, McLeod Russel's share price surged 5%. The sudden 52-week high is due to an Altius Finserv bulk deal. The stock opened at ₹40.
02 on the BSE and touched an intraday high of ₹41.85. Profit booking took place subsequently as the day wore off and the stock slid into the red.
Altius Finserv purchased 12 lakh shares of the company at an average price of ₹39.87 per share. While the recent correction is taking place, McLeod Russel's share price has gained a phenomenal 92% in the last year, thus leaving behind its peers at just 66.
07%. McLeod Russel posted a 38% year-on-year increase in net profit in its latest quarterly results, at approx. ₹85 crore for Q2 2024.
Sales for the quarter were up 24% to approximately ₹453 crore, indicating a strong performance against market challenges. Analysts advise caution for investors with McLeod Russel shares. The recent volatility has made them cautious.
"The stock is showing tremendous upward momentum, but at breakout levels around ₹37, it's likely to give support," said Rajesh Bhosale, equity technical and derivative analyst at Angel One. "The resistance is ₹48-50. For the past few sessions, it has shown consistent movement in upper circuit limits," Bhosale added.
The company has also been dealing with a cybersecurity incident when ransomware attacked its IT infrastructure. However, McLeod Russel has assured investors that the attack has not had a material impact on its operation. The company’s technical team is working on restoring compromised systems.
Undeterred by the cybersecurity attack, McLeod Russel continues to expand its global presence in the tea industry. Its operations span India, Vietnam, Uganda, Rwanda, and the UK. Thus, solidifying its status as a key player in the global tea market.
.
