Shares of Castrol India Ltd. surged as much as 9.3% on Wednesday, reaching an intraday high of Rs 234.2, the highest level seen since June 30, 2016.
This surge brings the stock close to its all-time high of Rs 272, achieved in December 2014.
The stock has rallied over 20% in the last month, recovering all losses incurred in 2024. On a year-to-date basis, the stock is up by a similar percentage.
Over the past 12 months, the stock has surged over 90%, nearly doubling in value. The 46% increase experienced in 2023 marked the stock’s best annual performance since 2014.
According to a CNBC-TV18 report, on the charts, the Relative Strength Index (RSI) for the stock stands at 72, indicating that it is in “overbought” territory.
An RSI reading above 70 typically signifies that a stock is technically “overbought.”
Castrol India, a leading lubricant company, owns brands such as Castrol CRB, Castrol GTX, Castrol Activ, Castrol POWER1, Castrol EDGE, Castrol MAGNATEC, and Castrol VECTON.
