Bombay Burmah Trading Corporation Ltd (NSE : BBTC) Best 1

Bombay Burmah Trading Corporation Ltd is a 150 year old company. The company founded its fortunes on teak in the year 1863, as a public company, and everything that followed is history. The company is a leading concern of the Wadia Group, a reputed Indian business house with interests in plantations, foods, textiles, chemicals, electronics and light engineering, health care and real estate. Bombay Burmah, Bombay Dyeing and Britannia are the mastheads of the Wadia Group.

The Stock CMP as on 28-06-2024 Rs. 2025.50

Bombay Burmah Trading Corporation Ltd. (NSE : BBTC) is one of the few oldest companies of pre-independence era, still flourishing with its core values, ethics and above all, competency in trade. It is the second oldest publicly quoted company. The BBTCL Group has an annual consolidated turnover of 1.2 billion dollars. The Company has diversified its interests into tea, coffee, other plantation products, biscuit and dairy products, auto electric and white goods parts, weighing products, horticulture and landscaping services, healthcare products (viz.) dental, orthopaedic and opthalmic products.

Shares of Bombay Burmah Trading Corporation Ltd (BBTC) rose sharply in Friday’s trade to scale their one-year high levels. The stock jumped 14.98 per cent to hit a new 52-week high of Rs 2167.70. It was close on Friday at Rs. 2025.50. At this price, the scrip has surged 47 per cent in the past one month and 104.89%  in a year.

The stock saw high trading volume today as around 1.13 lakh shares changed hands at the time of writing this story. The figure was higher than the two-week average volume of 36,000 shares. Turnover on the counter came at Rs 23.66 crore, commanding a market capitalisation (m-cap) of Rs 14,547.44 crore. There were 1,45,632 buy orders against sell orders of 12,438 shares.

Stock exchanges have recently sought clarification from the company over the sudden spike in share price. BBTC, in response, said, “We wish to inform you that all information required to be disclosed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 has been duly disclosed by the Corporation from time to time. Further, there is no price-sensitive information concerning the Corporation which requires disclosure. As such, we do not know the reasons for increase in volume.”

Recently, holding company stocks — including Bombay Burmah — have witnessed a sharp uptick after market regulator Sebi announced a framework for special call auctions with no price bands for price discovery of such firms.

Technical View

• On Monthly, Weekly and Daily chart, the stock has been trading with momentum triple pattern theory.
• Bombay Burmah shares hit fresh 52-week high
• The stock has bounce back from taken support of 20MEMA
• On Monthly chart, the stock price showing breakout of last all time high with huge increase in volume.
• Monthly RSI indicator showing positive crossover and heading towards the overbought zone level.
• Based on the above technical points, can expect further upside move in the stock in upcoming days.

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