GNFC hits record high; rises 24% in nine days

Gujarat Narmada Valley Fertilizers & Chemicals (GNFC) added 1.97% to Rs 630.5 on NSE extending its winning run to ninth consecutive trading session.

Shares of GNFC have surged 24% in nine trading sessions from its previous closing low of Rs 508 posted on 24 February 2022. The counter hit a record high of Rs 631.15 in intraday today. The stock has zoomed 126% from its 52-week low of Rs 278.65 recorded on 25 March 2021.

In last one month, the stock has moved nearly 10.4% higher outperforming the Nifty 50 index which fell 5.4% in the same period.

On the technical front, the stock's RSI (relative strength index) stood at 71.470. 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 509.72 and 472.66 respectively. These levels will act as crucial support zones in near term.

GNFC is a joint sector company promoted and controlled by Government of Gujarat. It is a producer of bulk chemicals and fertilizers. Its product portfolio is a result of plant integration developed over a period of time. The company's consolidated net profit surged 122.92% to Rs 540.78 crore on 57.82% increase in net sales to Rs 2,380.33 crore in Q3 FY22 over Q3 FY21.

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