As per the September shareholding data available on the BSE, Damani holds 25.95% stake in the company through Bright Star Investments Private Ltd. He also holds stakes in VST Industries through a clutch of other entities viz. Derive Trading and Resorts Private Ltd (4.76%) and Derive Investments (0.38%). In the latter, Gopikishan S. Damani is also a partner.
On Monday, the stock hit its upper circuit amid high volumes, prompting the exchange to seek response from the company on the unusually high volume. The response is still awaited as per the information available on the NSE.
On the other hand, shares of Avenue Supermarts fell over 3% to the day’s low of Rs 3,962.05.
VST Industries shares have given nearly 26% returns over a 1-year period which is higher than the 18% returns delivered by the Nifty during this time. The stock is currently trading above its 50-day and 200-day simple moving averages (SMAs).
Today’s price action has taken the VST Industries stock into a strongly overbought zone with the Relative Strength Index (RSI) hovering near the 90 mark. Meanwhile, another momentum indicator MFI stood at 62.2 as suggested by Trendlyne. A number above 70 is considered at overbought while below 30 is seen as oversold.
The stock has traded with stability over the last one year. Its beta stands at 0.1 according to Trendlyne.The company has a manufacturing facility at Hyderabad and Toopran (Telangana) and its principal activities are manufacture & sale of cigarettes and unmanufactured tobacco.
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