CESC hits 52-week high; rises 10% in four days

CESC gained 2.92% to Rs 831.5, rising for the fourth consecutive trading session.

Shares of CESC have rallied 10.4% in four trading days from its previous closing low of Rs 753 on 7 July 2021. The counter hit a 52-week high of Rs 841.65 in intraday today. The stock has soared 54.2% from its 52-week low of Rs 539 hit on 3 August 2020.

In last one month, CESC has jumped 8.55% compared with 0.53% decline in Nifty 50 index. On the BSE, 68,324 shares were traded in the counter so far compared with average daily volumes of 46,031 shares in the past two weeks.

On the technical front, the stock's RSI (relative strength index) stood at 73.199. 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 725.05 and 667.71 respectively. These levels will act as crucial support zones in near term.

CESC is a fully-integrated electrical utility company. The company's other business segments include power, organized retailing, property development and business process outsourcing. The company's consolidated net profit jumped 13.49% to Rs 429 crore on a 10.26% rise in revenue from operations to Rs 2,890 crore in Q4 March 2021 over Q4 March 2020.

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