Gujarat Narmada Valley Fertilizers & Chemicals (GNFC) added 1.97% to Rs 630.5 on NSE extending its winning run to ninth consecutive trading session.
Shares of GNFC have surged 24% in nine trading sessions from its previous closing low of Rs 508 posted on 24 February 2022. The counter hit a record high of Rs 631.15 in intraday today. The stock has zoomed 126% from its 52-week low of Rs 278.65 recorded on 25 March 2021.In last one month, the stock has moved nearly 10.4% higher outperforming the Nifty 50 index which fell 5.4% in the same period.
On the technical front, the stock's RSI (relative strength index) stood at 71.470. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
The stock is trading above its 50 and 100 days simple moving average placed at 509.72 and 472.66 respectively. These levels will act as crucial support zones in near term.
GNFC is a joint sector company promoted and controlled by Government of Gujarat. It is a producer of bulk chemicals and fertilizers. Its product portfolio is a result of plant integration developed over a period of time. The company's consolidated net profit surged 122.92% to Rs 540.78 crore on 57.82% increase in net sales to Rs 2,380.33 crore in Q3 FY22 over Q3 FY21.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU