Shares of EKI Energy Services fell sharply in Monday’s trade after declaring the company declared quarterly results. EKI Energy posted a consolidated net profit of Rs 45.20 crore for the quarter that ended December 31, 2022 (Q3 FY23). The exchange filing by the company on Q3 earnings, however, didn’t provide the consolidated net profit figure for the corresponding quarter of the previous fiscal. The consolidated net profit of the company stood at Rs 106.13 crore in the previous quarter that ended September 30, 2022 (Q2 FY23). The total income stood at Rs 421.12 crore in Q3 against Rs 461.15 crore in Q2.
The stock today crashed 20 per cent to hit a day low — also its 52-week low and lower price band — of Rs 877.75 over a previous close of Rs 1,097.15. In terms of stock value, EKI Energy has lost 23.53 per cent in the past five days. It has declined 70.39 per cent from its one-year high of Rs 2,964, hit on July 6, 2022.
A total of 49,000 shares changed hands today on BSE, which was higher than the two-week average volume of 31,000 shares. Turnover on the counter stood at Rs 4.28 crore, commanding a market capitalisation (m-cap) of Rs 2,414.78 crore. There were 1,58,029 sell orders today against buy orders of nil shares.
The stock was last seen trading lower than the 5-day, 20-, 50-, 100- and 200-day moving averages. The counter’s 14-day relative strength index (RSI) came at 16.54. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company’s stock has a negative price-to-book (P/B) ratio of 3.95.
EKI Energy Services has a one-year beta of 0.44, indicating low volatility on the counter.
AR Ramachandran from Tips2trades said, “Even though EKI Energy stock price is very oversold on the daily charts, trend remains bearish. Rs 1,012 is strong resistance and investors should buy only if a daily close is above this level. Next support will be at Rs 756.”
The company (formerly known as EnKing International) is delivering a wide range of services, in categories of training, consulting, Energy Conservation, Carbon Credit Trading, CDM and Electrical Safety Audit, Carbon Footprint measurement and management, and many more sustainability services. EKI has been working towards rehabilitating the planet to a future of net-zero carbon emissions.
Meanwhile, Indian equity benchmarks traded lower in afternoon deals, dragged by banks, financials, automobile, technology and energy stocks.
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