Avadh Sugar & Energy corrects on profit selling

Avadh Sugar & Energy declined 2.89% to Rs 476.40 on profit selling after recent steep rally.

Shares of Avadh Sugar & Energy surged 18.31% in five consecutive sessions.

On the BSE, 12,062 shares were traded in the counter so far compared with average daily volumes of 8,049 shares in the past two weeks.

The stock hit a 52-week high of Rs 884.95 on 22 April 2022. The stock hit a 52-week low of Rs 415.05 on 28 February 2023.

The stock had outperformed the market over the past one month, rising 5.63% compared with 1.19% fall in the Sensex.

The scrip underperformed the market in past one quarter, decreasing 7.81% as against Sensex's 3.38% fall.

The scrip had underperformed the market in past one year, declining 24.67% as against Sensex's 9.94% rise.

On the technical front, the stock's daily RSI (relative strength index) stood at 56.789. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily chart, the stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 479.51, 494.51 and 517.63 respectively. These levels will act as crucial resistance zones in near term.

Avadh Sugar & Energy is primarily engaged in the manufacture and sale of sugar and its by-products (molasses, bagasse and press-mud), spirits including ethanol and power. The company has operations in India.

On standalone basis, the company's net profit slides 38.5% to Rs 17.74 crore on 9.6% decline in net sales to Rs 674.55 crore in Q3 FY23 over Q3 FY22.

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