Technical analysts have suggested that day traders can purchase Mcleod Russel stock around Rs 70 with a strict stop loss of Rs 69. The day trading target for the day is Rs 73.
Analysts also said that the next target for the day is Rs 76, if the stock markets remain on positive track.
On Tuesday (29 Jan), the share closed at Rs 70 on BSE. The stock of the company has touched 52-week high of Rs 98.95 and low of Rs 46.45 on BSE.
The company, which has posted a net profit of Rs 89.17 crore for the three months period ended September 2007, has great expectations for the upcoming results for the Oct-Dec quarter.
Mcleod Russel India Ltd has informed that on an Application made by the Company, the Hon'ble High Court at Calcutta has issued directions to convene and hold separate Meetings of the shareholders of The Moran Tea Company (India) Ltd and McLeod Russel India Ltd on February 22, 2008 to consider and if thought fit to approve the Scheme of Amalgamation of The Moran Tea Company (India) Ltd with McLeod Russel India Ltd. Notices to the shareholders of the said Companies will be sent within the prescribed time.
The group’s main activity is to cultivate, manufacture and sell tea. The Group owns tea estates in Assam and Dooars.
The stocks of other companies from the same sector, which are looking good for medium-term trading, include Tata Tea and Bombay Burmah.
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