Dredging Corp bucks weak market trend; hits 52-week high

Dredging Corporation of India jumped 11.63% to Rs 404.95, extending its winning run to fourth consecutive trading session.

Shares of Dredging Corp have rallied 32.23% in four trading days from its previous closing low of Rs 306.25 posted on 22 February 2021. The stock hit a 52-week high of Rs 419.35 in intraday trade today. The stock is up 232% from its 52-week low of Rs 121.8 hit on 25 March 2020.

On the BSE, 2.05 lakh shares were traded in the counter so far compared with average daily volumes of 95,332 shares in the past two weeks. Meanwhile, the S&P BSE Sensex tumbled 1478 points or 2.9% to 49,560.89.

Dredging Corp on Wednesday (24 February) announced that it has signed an Memoranda of Understanding (MoU) with Cochin Shipyard for construction of trailing suction hopper dredger. The company added that it has signed 18 MoUs of Rs 14,000 crore with ports, ship builders, ship repair complex, research organisation and maritime states.

On the technical front, the stock's RSI (relative strength index) stood at 82.229. 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 308.29 and 284.74 respectively. These levels will act as crucial support zones in near term.

State-run Dredging Corporation of India provides dredging services to the major ports of the country. The Government of India holds 73.47% stake in the company as per the shareholding pattern as on 31 December 2020.

Powered by Capital Market - Live News