Berger Paints hits record high; rises 5% in two days

Berger Paints India gained 2.17% to Rs 727.85, rising for the second consecutive trading session.

The counter has gained 4.74% in two trading days from its previous closing low of Rs 694.9 on 21 December 2020. The stock hit a record high of Rs 729.40 in intraday today. The stock has jumped nearly 87% from the 52-week low of Rs 390 reported on 19 March 2020.

In last three months, the paint maker has jumped 28% outperforming the BSE Sensex which rose 22.8% in the same period.

On the technical front, the stock's RSI (relative strength index) stood at 75.765. 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 648.87 and 608.44 respectively. These levels will act as crucial support zones in near term.

Berger Paints India is engaged in retail, decorative and industrial painting solutions. Its consolidated net profit jumped 13.6% to Rs 221.05 crore on a 9% rise in net sales to Rs 1,742.55 crore in Q2 September 2020 over Q2 September 2019.

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