Grindwell Norton hits all time high; rises 8% in four days

Grindwell Norton jumped 3.05% to Rs 1,913.20, extending its winning run to fourth consecutive trading session.

Shares of Grindwell Norton have surged nearly 8% in four trading sessions from its previous closing low of Rs 1,780.45 posted on 24 December 2021. The counter hit a record high of Rs 1,921.45 intraday today. The stock has zoomed nearly 185% from its 52-week low of Rs 672.45 recorded on 28 January 2021.

Since the start of 2021, Grindwell Norton has given stellar returns to investors, rising 168%, while the Nifty 50 index has gained 23.5% in the same period.

On the technical front, the stock's RSI (relative strength index) stood at 66.132. 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 1726.14 and 1545.56 respectively. These levels will act as crucial support zones in near term.

Grindwell Norton manufactures abrasive products, including bonded and coated abrasives. The company also manufactures silicon carbide and aluminum oxide, as well as industrial ceramics. The firm also operates through a joint venture which manufactures a wide range of centralized lubrication systems (CLS).

The abrasive maker's consolidated net profit jumped 11% to Rs 71.54 crore on a 16.8% surge in net sales to Rs 509.52 crore in Q2 FY22 over Q2 FY21.

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