Dhani Services Ltd, a small-cap firm, saw its shares rise substantially on Tuesday after releasing updates on two real estate projects. In a BSE filing, the company stated that it has filed building designs to the Directorate of Town and Country Planning (DTCP) for permission of 60 lakh sq ft of residential development saleable area in Sector 104, Gurugram, located on the 8-lane Dwarka Expressway, through its wholly-owned subsidiaries. It further stated that the project is scheduled to debut in July 2024.
In addition, the company stated that it has submitted proposals for the development of 2.6 lakh sq ft of office space in Worli, Mumbai. This project is expected to debut in August 2024, according to the statement.
The stock rose 11.48 percent today, reaching an intraday high of Rs 40.29. It subsequently closed 6.95 percent higher at Rs 38.65. At current pricing, the scrip has fallen 21.33 percent from its one-year high of Rs 49.13, reached on August 8, last year. Nonetheless, it has increased by 63.63 percent since its 52-week low of Rs 23.62 on March 28, 2018.
According to one analyst, the technical setup for the stock was 'bearish', with resistance around Rs 40. Support could be found at Rs 35, followed by Rs 33.9.
AR Ramachandran from Tips2trades stated, "Dhani Services' stock price appears negative on the daily charts, with significant resistance above Rs 40. A daily closure below Rs 33.9 could result in a short-term downward goal of Rs 29.5."
Ravi Singh, SVP of Retail Research, stated, "The stock may reach Rs 42 in the near term. Keep a strong stop loss at Rs 35."
The counter rose above the 5-day, 10-day, and 20-day simple moving averages (SMAs), but fell below the 30-day, 50-day, 100-day, 150-day, and 200-day SMAs. The stock's 14-day relative strength index (RSI) stood at 50.56. A level less than 30 is regarded as oversold, whereas a value more than 70 is considered overbought.
The company's stock has a negative price-to-equity (P/E) ratio of 372.69, with a price-to-book (P/B) value of 1.34. Earnings per share (EPS) were (-)0.10, with an identical return on equity of (-)0.10.
The stock had strong trading volume today, with over 5.63 lakh shares changing hands on BSE. The amount exceeded the two-week average volume of 4.44 lakh shares.
Turnover on the counter was Rs 2.10 crore, with a market capitalisation (m-cap) of Rs 2,331.50 crore. As of December 2023, promoters owned 31.25 percent of the corporation.
