Rajesh Exports shares snapped a seven-day losing streak on Monday, rising over 3% in early trade amid a broad market rally. The stock had been under pressure for the past week, losing nearly 15% of its value.
Market Rally Lifts Sentiment
The recovery in Rajesh Exports came as benchmark indices Sensex and Nifty surged over 1% each, driven by buying in banking and IT stocks. The broader market also saw positive momentum, with smallcap and midcap indices gaining.
Stock Performance
Rajesh Exports shares opened at ₹1,200 and touched an intraday high of ₹1,245, up 3.4% from the previous close. The stock had declined for seven consecutive sessions, falling from ₹1,400 to ₹1,200.
- Previous close: ₹1,204
- Intraday high: ₹1,245
- 52-week high: ₹1,850
- 52-week low: ₹950
Company Fundamentals
Rajesh Exports is a leading gold jewellery manufacturer and exporter. The company has a strong balance sheet with low debt. However, recent volatility in gold prices and global economic uncertainty have impacted the stock.
Analysts remain cautiously optimistic on the stock, citing strong export demand and expansion plans. The company reported a 12% rise in net profit for the last quarter, driven by higher sales.
Technical Outlook
From a technical perspective, the stock has taken support near its 200-day moving average. A close above ₹1,250 could signal further upside, while resistance is seen at ₹1,300.
- Support: ₹1,200, ₹1,150
- Resistance: ₹1,250, ₹1,300
Investors are advised to watch global cues and gold price trends. The stock remains sensitive to changes in import duties and export policies.
