Share price of SRF rises as Nifty strengthens

Shares of SRF Ltd. gained 1.3 per cent to Rs 2258.15 in Wednesday's trade as of 10:40AM (IST). The stock hit a high price of Rs 2280.0 and low of Rs 2240.0 during the session.

The return on equity (ROE) for the stock stood at 20.93 per cent. Traded volume on the counter stood at 10:40AM shares and turnover at Rs 1.15 crore around that time. The stock of SRF Ltd. quoted a 52-week high price of Rs 2639.8 and 52-week low prices of Rs 2050.0, respectively.

The stock's Beta value, which measures its volatility in relation to the broader market, stood at 1.24.

Promotor/FII Holding
Promoters held 50.53 per cent stake in the company as of 30-Jun-2023, while foreign investors held 20.03 per cent and domestic institutional investors had 7.29 per cent.

Key Financials
The company reported consolidated sales of Rs 3350.14 crore for the quarter ended 30-Jun-2023, down 11.85 per cent from previous quarter's Rs 3800.42 crore and down 14.2 per cent from the year-ago quarter's Rs 3904.57 crore. Net profit after tax for the latest quarter stood at Rs 359.29 crore, down 40.91 per cent from the same quarter a year ago.

Technicals
The MACD signalled a bearish bias on the counter. The MACD is known for signalling trend reversals in traded securities or indices.
It is the difference between the 26-day and 12-day exponential moving averages. A nine-day exponential moving average, called the signal line, is plotted on topof the MACD to reflect "buy" or "sell" opportunities. When the MACD crosses below the signal line, it gives a bearish signal, indicating that the price of the security may see a downward movement and vice versa.