We have recommended Ewide industries as an upcoming Indian stock on 01 Mar and 21 May and true to our expectations stock has come with good results and Q1 results are as stated below:
The Company has posted a net profit after tax of Rs 1224.00 million for the quarter ended June 30, 2009 as compared to Rs 822.00 million for the quarter ended June 30, 2008. Total Income has decreased from Rs 9088.80 million for the quarter ended June 30, 2008 to Rs 9043.50 million for the quarter ended June 30, 2009.
Now if we analyse the results for the stock we will find that the stock is range bond between 64 and 81 levels and unless these levels are not broken one may not see a fresh upmove or down leg to commence. If stock crosses the level of Rs 81 than it will target 94 levels and if it breaks 64 level than it falls to level of Rs 50.
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