Zen Technologies hits the roof on fundraising plans

Zen Technologies hit a 5% higher circuit at Rs 215.60 after the company announced that its board of directors would meet on Saturday, October 16, 2021 to review fundraising plans.

The announcement was made after market hours yesterday.

Zen Technologies designs, develops and manufactures combat training solutions for training defense and security forces. It actively participates in the indigenization of technologies, which benefit the Indian armed forces, state police forces and paramilitary forces.

The company reported a consolidated net loss of Rs 1.14 crore in the first quarter of fiscal 22, compared to a net loss of Rs 1.34 crore in the first quarter of fiscal 21. Net sales in the quarter were increased 139% year on year to Rs 9.96 crore.

Over the past three months, the stock has risen 132.70% while the benchmark Sensex has risen 14.95% over the same period.

Technically, the stock’s RSI (Relative Strength Index) stood at 66.258. The RSI fluctuates between zero and 100. Traditionally, the RSI is considered overbought when it is above 70 and oversold when it is below 30.

The stock was trading above its daily 50-day, 100-day and 200-day simple moving average placed at 153.18, 120.09 and 101.94, respectively.

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(This story was not edited by Business Standard staff and is auto-generated from a syndicated feed.)

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