Discount is very low which does not merit buying at all. Company has said nothing on liquidation.

Yes, Sir Ashish Kacholia

Time techno Ltd. cmp 185. Stock price today gave a sharp upmove after a shakeout move yesterday wherein a low of 169.55 was posted. This caused a double bottom formation at around 169 and the high between the two double bottoms is at 187.55. If stock price crosses above 187.55 and closes above it, a double bottom confirmation target would be at 203 .

Now coming to an observation of mine related to past movements of the stock price. During Feb 2018 to Sep 2018, when stock price was at the beginning of its major decline, ( in line with sharp correction in small and midcap spaces) the range between 154 to 184 on left side of chart (marked in dotted blue lines ) acted as a consolidation range before stock price broke down. Stock price then went down and posted double bottom at 115 and bounced back to post high of 164 ( weak pullback) before it went down again in a major decline. Now this shows the area where bulls and bears had a lot of fight lasting nearly 7 months and was a sort of battle ground where range was established, breakdown happened and a pullback materialised but failed within the range.

On the way up we have been observing a lot of action in the same range where we had first a tight consolidation between 140-160 for nearly 10 weeks and then broke out posted a swing high of 194 and stock price again went into consolidation within a range of 170-188 for nearly 4 weeks. Breakout from this range will happen once stock price closes above 188. Till now on way up we have had two tight range consolidations. This is often necessary to prepare a launchpad for a strong move. ( not saying that an upmove is a given, but can happen)

This is an observation that previous consolidation zones during downtrends will act as tough areas to negotiate during subsequent upmoves. Real strength in this stock will be seen once it crosses its previous all time high of 232. ( Usually these resistances are never a definite number but a broad range within a price band)

Usha Martin chart update.

Stock price has been in a prolonged consolidation since Sep 2023 and this has taken the shape of a triangular consolidation. The daily line chart put below shows a breakout from a triangular consolidation. It’s also worth noting that this whole consolidation took place at or above its 200 dema.

Also marked on the chart is a previous triangular consolidation which lasted nearly 9 months and which was followed by a sharp rally. Current consolidation has taken more than 3 months before breakout happened.

The hallmark of triangular consolidations is that for anyone holding stock during these phases, its a period of intense frustration and often loss of faith. I have been in this stock during both these triangular consolidations and it is only the faith in the fundamentals of the company which has comforted me during this period. And inspite of all this it is worth noting that during the past 12 months the stock price has appreciated by nearly 80% which is not bad.

This is the latest statement issued by Polycab to Exchanges and SEBI. They still claim that they are not engaged in any wrongdoings.
66497f46-77ba-46af-8b72-709f3ed93954.pdf (237.7 KB)

This is (i) in furtherance to the clarification dated December 22, 2023, the intimation dated December 25, 2023, the intimation dated December 26, 2023, the intimation dated December 30, 2023, the press release dated January 9, 2024 and the clarification dated January 10, 2024 provided by the Company to the Stock
Exchange, and (ii) in relation to the clarification sought by the Stock Exchange on January 11, 2024. In this regard, please see below our responses:

1. As indicated in above-mentioned clarification and intimations, the Income Tax Department (“IT Department”) officials had initiated a search proceeding at some of the premises / plants of the Company from December 22, 2023, to December 30, 2023 (“search proceeding”). The Company has fully cooperated with the officials of IT Department during the Search Proceedings and responded to
   the clarifications and details sought by them.

2. The Company understands that there is a press release titled ‘Income Tax Department conducts search operations in Mumbai’ published on January 10, 2024 (at 8:06 pm) by Press Information Bureau, Delhi, which does not specifically name any company. The Company reiterates that as on date, the Company has not received any written communication from the IT Department regarding the outcome of the
   search. As indicated above, the Company has made intimation from time to time in relation to the said search proceeding.

3. While the post search proceedings will take its own course, the Company will continue to fully cooperate with the IT Department in this regard.

4. There is no material adverse impact on the financial position of the Company.

5. The Company shall continue to inform the stock exchange(s) from time to time in relation to development on the said search proceeding.

The Company is an ethical and law-abiding company and follows the best corporate governance practices. Kindly take the same on your record.