Timken Share Price Update: 22 May 2024 📈📉
Timken India company’s shares have generated a multi-bagger return of 661% for investors in the past five years. In the special trading session on Saturday, the company’s shares saw a decline of 1.26%. The company’s total market capitalization is Rs 31,255 crore. Timken India stock is trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving average price levels.
Over the past two years, the company’s shares have given a return of 113% to investors. In the last three years, the company’s shares have provided a return of 226% to its investors. On Tuesday, May 21, 2024, Timken India stock was trading at Rs 3,944.30 with a 5.12% decline. By Wednesday (May 22, 2024), the share price had increased by 0.94% to Rs 3,970.
The relative strength index of Timken India stock is 84.1, indicating that the stock is currently in overbought territory. According to analysts at Sentrum Broking Firm, the company’s shares could fall by up to Rs 2,665 in the coming days. However, Tips2 Trades experts believe that Timken India shares are showing strong resistance at Rs 3,770.
Market experts recommend profit-taking on the stock at the current levels. They suggest that Timken India shares have strong support at Rs 3,416 and could potentially drop to Rs 2,841 in the coming days. The company reported a net profit of Rs 104.5 crore in the quarter ending March 2023, which increased to Rs 141.4 crore in the quarter ending March 2024.
In the quarter ending March 2023, the company had a revenue of Rs 809.2 crore, which increased to Rs 908.5 crore in the quarter ending March 2024. Recently, the company’s board announced a dividend of Rs 2.5 per share for its investors. Timken India Limited is primarily engaged in the manufacturing of bearings, gears, gearings, and driving components.
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