This underperforming smallcap logistics stock zooms up to 7%: Here's why

Shares of the logistics company TCI Express zoomed up to 6.6 per cent at the day's high to Rs 885.95 per share on the BSE. The stock gained strenghth amid buoyancy in the market as the Nifty gained up to 23,750 levels in morning trade on Tuesday (November 19).

At arounf 11:19 am, shares were up 2.57 per cent at Rs 852.55, losing much of its early gains.

The gains in the stock are largely spurred after the mutual fund house HDFC Mutual Fund bought 0.26 per cent stake in the entity in an open market transaction. After the deal, the company's stake in the mutual fund house has been increased to 5.15 per cent from the previous 4.89 per cent.

As per the inputs, the said deal was executed on November 14.

Technicals

The stock's RSI is trading in high oversold levels with the indicator at 16.2

Also, it is trading below its 50-day SMA and 200-day SMA

TCI Express share price performance

The company's stock in the last one year has yielded a negative return of 40 per cent. Also, the company's scrip on a YTD basis has gone down by 38 per cent.