McLeod Russel share price hits a 52-week high amid bulk deal by Altius Finserv
The price of McLeod Russell’s stock rose by about 5% today, hitting a 52-week high during Tuesday’s trading session. This spike came after Altius Finserv Private bought 12 lakh shares of McLeod Russell India in bulk on December 2 for an average price of ₹39.87. However, after a strong start due to profit booking, the price of McLeod Russell’s shares today fell into the negative.
The price of McLeod Russell shares on the BSE opened Tuesday at ₹40.02 per share. The stock went on to reach an intraday high of ₹41.85 and a low of ₹39.02 per share. In recent sessions, we have witnessed a significant increase in this counter moving upward in upper circuits; on the weekly chart, prices have broken above a critical level of 37 and are anticipated to continue their upward move shortly, according to Rajesh Bhosale, equity technical and derivative analyst at Angel One. However, when a counter moves in a circuit, aggressive wagers should be avoided; breakout levels around 37 are likely to operate as support, while 48–50 act as resistance.
The share price of McLeod Russell rose 91.57% in the last year, outpacing its sector by 66.07%, according to Trendlyne statistics.
Recently, a ransomware attack targeted McLeod Russell India’s IT infrastructure, resulting in a cybersecurity catastrophe. The management of the business has responded to this circumstance by acting quickly to reduce any possible effects on its operations.
McLeod Russell stated in their regulatory filing that the technical team is working hard to recover and restore the affected systems. Thankfully, the business has stated that the attack has not materially affected its current operations, enabling it to continue operating during this trying period.
Reports state that Mcleod Russell India’s net profit for the quarter ending in September 2024 was ₹84.54 crore, up 38.25% from ₹61.15 crore in the same quarter the year before (September 2023). Additionally, sales increased from ₹365.88 crore in the previous quarter ending in September 2023 to ₹452.62 crore in the quarter ending in September 2024, a 23.71% increase.
A major participant in the tea sector, McLeod Russell India Limited is mainly engaged in the production and cultivation of various teas. With activities in several geographic areas, including India, Vietnam, Uganda, Rwanda, and the United Kingdom, among others, the company has created a global presence.
