KBC Global Share Price Hits Upper Circuit; Stock Trades Above Key Moving Averages

KBC Global Ltd Hits Upper Circuit 

KBC Global Ltd, previously known as Karda Construction Ltd, has been making waves on the bourses today, with its share price hitting the upper circuit limit on November 06, 2024. The stock was up by 4.72% in early trading, marking a strong uptrend.

Impressive Gains in November and Technical Strength

KBC Global Ltd’s share price has gained 9.42% in November alone, fueled by growing investor interest and strategic developments. Notably, the stock has surged approximately 22% from its 100-day Exponential Moving Average (DEMA), a crucial technical indicator that signals bullish momentum. Currently, the stock is hovering near an 11-month high—levels last witnessed in January this year.

The stock’s performance is reinforced by its trading above the 20, 50, and 200-day Moving Averages (DMA). Additionally, the 20 and 50-DMA lines are moving upward, suggesting a favourable alignment for continued gains.

October: A Record Month for Volume and Investor Interest

Investor activity has surged, with KBC Global Ltd witnessing its highest monthly volume in October. This heightened trading volume aligns with multiple positive announcements that have captured market attention. 

Strategic Investments and New International Projects Fuel Momentum

KBC Global Ltd has secured major investments, with key players like Patanjali Food & Herbal Park and Falcone Peak Fund committing up to Rs. 99.50 crore through preferential warrants. These investments underscore confidence in the company’s growth prospects and expansion plans.

Furthermore, KBC International Ltd, a Ghana-based subsidiary under KBC Infrastructure Ltd, has signed a Memorandum of Understanding (MoU) with the Liberia Special Economic Zone Authority. This MoU is a significant milestone for the company, as it embarks on a large-scale construction project in Liberia’s Special Economic Zone (SEZ) involving residential complexes, low-cost housing, and commercial spaces valued at USD 12.5 million. The project, slated to commence in Q2 2025, is expected to be completed within three years, showcasing KBC Global’s expanding international footprint.

Conclusion

KBC Global Ltd’s recent price action reflects its strong technical momentum. With the stock trading above multiple moving averages and benefiting from strategic investments and international projects. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.