Zen Technologies hit an upper circuit of 5% at Rs 215.60 after the company said that its board will meet on Saturday, 16 October 2021, to consider fund raising plans.
The announcement was made after market hours yesterday.
Zen Technologies designs develop and manufacture combat training solutions for the training of defense and security forces. It is actively involved in the indigenization of technologies, which are beneficial to Indian armed forces, state police forces, and paramilitary forces.
The company reported a consolidated net loss of Rs 1.14 crore in Q1 FY22 as against a net loss of Rs 1.34 crore in Q1 FY21. Net sales during the quarter increased by 139% YoY to Rs 9.96 crore.
In the past three months, the stock has zoomed 132.70% while the benchmark Sensex has added 14.95% during the same period.
On the technical front, the stock's RSI (relative strength index) stood at 66.258. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading above its 50-day, 100-day and 200-day daily simple moving average (SMA) placed at 153.18, 120.09 and 101.94, respectively.
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