Gujchem Distillers hits 52-week high; soars 311% in 29 days

Gujchem Distillers India hit an upper circuit limit of 5% at Rs 585, extending recent steep gains.

Shares of Gujchem Distillers India have soared 310.53% in 29 consecutive days from its last closing low of Rs 142.50 on 11 January 2022.

The stock was currently frozen at its 52-week high of Rs 585. In the past one year, the stock has soared 373.68% while the benchmark Sensex has added 8.72% during the same period.

On the technical front, the stock's RSI (relative strength index) stood at 95.80. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 430.73, 316.09 and 232.24, respectively.

As per the company's website, Gujchem Distillers India was initially set up as a proprietary concern in 1911. It was later converted into a private limited company as Sardesai Brothers in 1939. In the year 1961, it was converted into a public limited company under the name and style as Sardesai Brothers. The name of the company was changed to the present name 'Gujchem Distillers India' in the year 1974.

The company's board on 25 January 2022 considered changing its name from "Gujchem Distillers India" to "Sera Technologies India".

Gujchem Distillers India reported net loss of Rs 0.03 crore in Q3 December 2021 as against net profit of Rs 0.04 crore in Q3 December 2020. No sales were reported in Q3 December 2021 and during Q3 December 2020.

The result was announced on 25 January 2022. The auditor's report accompanying the Q3 results stated that, "The company has closed its manufacturing operations and sold/disposed off land, plant & machinery and other fixed assets in earlier financial years and since then the company not resumed the manufacturing activities."

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