CDSL hits record high; rises 5% in three days

Central Depository Services (India) rose 2.61% to Rs 1,080, rising for the third consecutive trading session.

Shares of CDSL have rallied 5.62% in third sessions from its previous closing low of Rs 1022.55 on 7 July 2021. The counter hit a record high of Rs 1,093 in intraday today. The stock has soared 281% from its 52-week low of Rs 283 hit on 14 July 2020.

In last one month, CDSL has jumped 10.69% compared with 0.53% decline in Nifty 50 index.

The stock was in demand after the depository on Friday said that it has become the first depository to open four crore plus active demat accounts. CDSL is currently the largest depository in the country in terms of active demat accounts.

On the technical front, the stock's RSI (relative strength index) stood at 74.719. 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 937.71 and 796.80 respectively. These levels will act as crucial support zones in near term.

CDSL is India's leading and only listed depository, with an objective of providing convenient, dependable and secure depository services at affordable cost to all market participants.

The depository reported 82.8% jump in consolidated net profit to Rs 51.97 crore in Q4 FY21 from Rs 28.53 crore in Q4 FY20. Income from operations increased 72.1% year-on-year (YoY) to Rs 103.08 crore during the quarter.

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