PI Industries shares  drop  1.47% as Sensex  rises

On the technical charts, the RSI of the stock stood at 52.6.

Shares of traded 1.47 per cent down at Rs 3641.0 at 12:28PM (IST) on Wednesday, even as benchmark gained 214.07 points to 72226.12.

The scrip had settled at Rs 3695.35 in the previous session. The stock quoted a 52-week high price of Rs 4010.0 and 52-week low of Rs 2870.0, respectively. As per BSE data, total traded volume on the counter till 12:28PM (IST) stood at 867 shares with a turnover of Rs 0.32 crore.

At the prevailing price, shares of the company traded at 34.6 times its trailing 12-month earnings per share of Rs 104.97 per share and 6.39 times its price-to-book value, BSE data showed.

A higher P/E ratio shows investors are willing to pay a higher share price today because of growth expectations in the future.

Price-to-book value indicates the inherent value of a company and reflects the price investors are ready to pay even for no growth in the business. The stock's Beta value, which measures its volatility in relation to the broader market, stood at 0.56.

Shareholding Details

Promoters held 46.09 per cent stake in the company as of 31-Dec-2023, while FIIs owned 20.41 per cent and DIIs 16.36 per cent.

Technicals
On the technical charts, the relative strength index (RSI) of the stock stood at 52.6. The RSI oscillates between zero and 100. Traditionally, it is considered overbought condition when the RSI value is above 70 and oversold condition when it is below 30. Chartists say, RSI should not be seen in isolation, as it may not be sufficient to take a trading call, just the way fundamental analysts cannot give a'buy' or'sell' recommendation using a single valuation ratio.

Source: Stocks-Markets-Economic Times

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