Ambuja Cements hits 52-week high, spurts 18% in eight days

Ambuja Cements rose 4.10% to Rs 234.65, extending gains for the eight day in a row.

The stock has added 18.3% in eight sessions from its recent closing low of Rs 198.40 on 24 September 2020.

Shares of the cement maker have added 46.86% in the past six months while the benchmark S&P BSE Sensex gained 32.56% during the same period. The counter hit a 52-week high of Rs 237.7 in intraday trade. Shares are up nearly 74% from its 52-week low of Rs 136.65 hit on 26 March 2020.

On the technical front, the stock is currently trading above its 50-day, 100-day and 200-day simple moving averages (SMA) placed at 217.80, 205.03 & 196.57, respectively.

The scrip's RSI (relative strength index) stood at 67.356. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

Ambuja Cements, a part of the global conglomerate LafargeHolcim, is among the leading cement companies in India. The firm operates through cement and cement related products segment.

The company's standalone net profit jumped 10% to Rs 453.37 crore depite a 27% fall in net sales to Rs 2176.75 crore in Q2 June 2020 over Q2 June 2019. Sales volume declined 29% to 4.19 million tonnes during the quarter as compared to 5.82 million tonnes recorded in the same period of previous year.

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