Shares of Castrol India Ltd. are up for the third day in a row on Tuesday and have gained in five out of the last six trading sessions. The stock hit an intraday high of ₹172.2 on Tuesday, gaining over 5%.
Castrol's shares were stuck in a range of ₹100 - ₹160 over the last five years and had to close above levels of ₹162 to have a range breakout.
With Friday's surge, Castrol's shares gained 11% last week, marking its best weekly performance since 2020.
Shares of Castrol India are up over 35% so far in 2023. This is the best performance that the stock has had in a calendar year since 2014, when it had gained 60%. Since then, the stock has been an underperformer.
Its Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) grew by 4.4%, while margin remained flat during the quarter.
Castrol India’s earnings before interest, tax, depreciation and amortisation (EBITDA) of ₹268.6 crore was 4.4% higher than ₹257.2 crore reported in the year-ago period, while the margin stood nearly flat at 22.7% versus 22.9% in Q3 of 2022.
Hemen Kapadia of KRChoksey in an interaction with CNBC-TV18 had highlighted that the stock needed to close above levels of ₹170 for further upside. He further mentioned that the volumes that the stock has seen so far are the highest since 1999.
Shares of Castrol India are trading 4.8% higher at ₹170.35.
(Edited by : Hormaz Fatakia)
