ACC hits record high; rises 11% in four days

ACC surged 3.48% to Rs 1924, extending its winning run to fourth consecutive trading session.

Shares of ACC have rallied 11.28% in four trading days from its previous closing low of Rs 1729 on 17 March 2021. The counter hit a record high level of Rs 1924.50 in intraday today. The stock has soared 114.85% from its 52-week low of Rs 895.50 posted on 25 March 2021.

On the BSE, 70,439 shares were traded in the counter so far compared with average daily volumes of 36,701 shares in the past two weeks.

On the technical front, the stock's RSI (relative strength index) stood at 64.059. 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 1756.35 and 1708.62 respectively. These levels will act as crucial support zones in near term.

ACC, a member of the LafargeHolcim Group, is one of India's leading producers of cement and ready mixed concrete. The cement major's consolidated net profit jumped 72.8% to Rs 472.44 crore on 2% rise in revenue from operations to Rs 4144.72 crore in Q4 December 2020 over Q4 December 2019.

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