Business Business: After rising more than 40% in just five days, shares of FMCG small cap company Tasty Bite Eatables could reach Rs 30,000 crore by the end of 2024. Now it has risen by more than 10%. On August 14, it was Rs 9,874.30. At present it is trading at 14,000 yen. This means that if the experts’ estimates are correct, then Diwali company is guaranteed a profit of Rs 16,000 per share.
Earlier, shares of Tasty Bite
Eatables Limited rose more than 13% on Tuesday (August 20). Despite the rise in price, shares of Tasty Bite Eatables are trading about Rs 4,000 below their all-time high of Rs 18,399.85 in August last year.
Sushil Kedia of Kedianomics said that Tasty Bite Eatables has had a strong success and it can triple by Diwali or Christmas. The stock is heading towards Rs 30,000.
When asked by CNBC Voice, Kedia said, “Tasty Bite has made similar moves before.” Since April 2020, the stock price has increased from Rs 7,500 to Rs 21,000. After this, from April 2023, the price will increase from Rs 8,500 to Rs 19,000. Now it looks like a new big uptrend has started.
Sushil Kedia said that Tasty Bite Eatables is currently in the overbought zone on the chart and the Relative Strength Index (RSI) is currently at 76.5. An RSI value above 70 indicates that the stock is in the overbought zone. The stock also broke its 50-day moving average and 100-day moving average at ¥10,385.3 and ¥10,907.5, respectively.
The stock price has gained 5.60% so far in 2024. The market cap of Tasty Bite Eatables at current prices is Rs 3,580 crore. The 52-week low was Rs 9,100. This number has declined by over 21% in the past year.
