Garden Reach Shipbuilders adds over 26% in four days

Garden Reach Shipbuilders & Engineers surged 12.40% to Rs 214.90,extending gains for the fourth day in a row.

The stock has added 26.56% in four sessions from its recent closing low of Rs 169.80 on 24 September 2020.

During the same period, the S&P BSE Sensex and the S&P BSE 500 index gained 4.22% and 4.47%, respectively.

Currently, the stock is trading 13.83% below its 52-week high of Rs 249.40 hit on 4 November 2019. It has jumped 104.08% from its 52-week low of Rs 105.30 recorded on 13 March 2020.

On the technical front, the stock is currently trading above its 50-day, 100-day and 200-day simple moving averages (SMA) placed at 199.82, 190.54 & 180.48, respectively.

The scrip's RSI (relative strength index) stood at 64.467. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

Garden Reach Shipbuilders & Engineers (GRSE) is one of India's leading shipyards, located in Kolkata, West Bengal. It builds and repairs commercial and naval vessels.

The company's net profit slumped 99.4% to Rs 0.15 crore on a 34.5% fall in net sales to Rs 109.96 crore in Q1 FY21 over Q1 FY20.

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