Shares of consumer electronics and lifestyle technology company Cellecor Gadgets are in focus today as the company has informed exchanges that its board of directors has approved the investment in its subsidiary. Amid this, the stock opened in the red at Rs 27.35 against the previous close of Rs 27.45. Later, it touched the intraday high and low of Rs 27.35 and Rs 26.50, respectively. Today's low is just Last seen, the scrip was trading at Rs 26.90 with a dip of 2 per cent or Rs 0.55. The market cap of the company stood at Rs 593.62 crore. Today's low hit by the stock is just 4.28 per cent away from the 52-week low of Rs 25.75.
Technically, the stock is trading lower than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages.
The stock's 14-day relative strength index (RSI) is 40.83. For the uninitiated, a level above 70 is considered overbought or overvalued, and below 30 is defined as oversold or undervalued. The stock has a 52-week high of Rs 68.80 and a 52-week low of Rs 25.75.
Rs 500 crore investment limit
The company's board has approved a proposal to grant loans, make investment and provide guarantees up to a limit of Rs 500 crore in compliance with Sections 185 and 186 of the Companies Act, 2013.
"...up to an aggregate limit of Rs. 500 Crore (Rupees Five Hundred Crore only) for the current financial year and Rs. 1,500 Crore (Rupees One Thousand Five Hundred Crore only) for the next financial year, subject to compliance with applicable statutory provisions and approvals, as required," the filing reads.
Stock market today
Meanwhile, stock market benchmark indices Sensex and Nifty declined in early trade on Tuesday as relentless foreign fund outflows and geopolitical tensions weighed on investors' sentiment.
The 30-share BSE Sensex declined 311.33 points to 82,934.85 in early trade. The 50-share NSE Nifty dropped 99.5 points to 25,486.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
