Birla-Cable

After a pullback on Tuesday, Indian stock rebounded on Wednesday. Birla Cable share price took everyone’s attention by surging to a new all-time high. Investors showed an increased interest in Reliance Power shares which gained 2.53% during today’s session.

The benchmark indices turned green on Wednesday. Nifty 50 closed 19,632 points after gaining 61 points. BSE SENSEX also gained 149 points and closed the day at 65,995. Today’s positive sentiment showed that the bulls remain in control of the Indian stock market.

Birla Cable Share Price Soars To A New All-Time High

Since the start of this week, NSE: BIRLACABLE has been attempting to break above its 2018 all-time high of Rs 229.40. After a rejection on Tuesday, the shares of the Telecom Fibre manufacturer finally broke above the critical level. The stock opened at Rs 217 and closed the day at Rs 252. This translated into a 17.34% surge in a single day.

As visible on the following chart, Birla share price forecast is looking very bullish after today’s breakout. This breakout is also supported by strong volume. If the shares gain strength above Rs 250 level, the next stop could be the 1.618 fib retracement level of Rs 357.5. However, there is also a chance of double top formation, so the price action above the 2018 peak must be observed carefully.

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Birla Cable’s EBITDA Increased 14.8% In Q1

Birla Cable Ltd. released its Q1 results this week. In Q1, the company’s Revenue increased by 9.3% to Rs 2,425 crore, driven by higher sales of cement and chemicals. EBITDA (earnings before interest, tax, depreciation, and amortization) rose 14.8% to Rs 314 crore. However, its net profit declined by 3.6% to Rs 60 crore in the first quarter of FY23, from Rs 62 crore in the same period last year.

Reliance Power Share Price Forecast

Another stock that saw a considerable trading volume today was Reliance Power (NSE: RPOWER). Reliance is set to release its Q1 financial results today. The positive price action suggests that the investors are expecting good results.

In other news, Reliance Power signed a Power Purchase Agreement (PPA) with Maharashtra State Electricity Distribution Company Limited (MSEDCL) for a 200 MW solar project. The project is expected to be commissioned by March 2025.

The following chart reveals that Reliance share price has been trading within the Rs 9.21- Rs 18.50 trading range for the past two years. Right now, the shares are trying to break out of the range high, which lies at Rs 18.50. Rejection from this level might tank the price to 200 MA, which lies at Rs 13.74.

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