Oberoi Realty adds over 13% in three sessions

Oberoi Realty soared 12.48% to Rs 438.05, extending gains for the third consecutive day.

Shares of Oberoi Realty jumped 13.14% in three trading sessions from a recent closing low of Rs 387.15 hit on 15 October 2020.

On a consolidated basis, Oberoi Realty registered a 0.2% decline in net profit to Rs 137.74 crore on 35.7% drop in net sales to Rs 316.06 crore in Q2 September 2020 over Q2 September 2019.

Consolidated profit before tax (PBT) stood at Rs 168.81 crore in Q2 September 2020, falling 12.1% from Rs 192.08 crore in Q2 September 2019. Total tax expense fell 36.6% to Rs 33.73 crore in Q2 September 2020 over Q2 September 2019. The result was announced on Saturday, 17 October 2020.

Oberoi Realty is a real estate development company headquartered in Mumbai. It is focused on premium developments in the residential, office space, retail, hospitality, and social infrastructure verticals.

The scrip surged 50.99% from its 52-week low of Rs 290.10 hit on 22 May 2020.

On the technical front, the stock's RSI (relative strength index) stood at 66.853. 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 moving average (DMA) placed at 389.77 and its 200-day moving average (DMA) placed at 406.95.

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