Shaily Engineering rises as GST authorities vacate seizure of moulds

Shaily Engineering Plastics gained 2.04% to Rs 629 after the Goods and Service Tax (GST) authorities vacated seizure of moulds owned by the company and its customers.

The announcement was made during trading hours today, 11 December 2019.

Shares of Shaily Engineering Plastics slumped 9.03% to Rs 578.05 on Monday, 9 December 2019, after the company informed on Saturday, 7 December 2019, that there was a search at its Rania plant in Gujarat by Goods and Services Tax (GST) authorities and the same has ended. As part of the investigation, the authorities seized some moulds belonging to the company as well its customers as part of the process which is being contested by the company. The firm said it is extending all co-operation and the investigation and submissions by the company is continuing.

The stock climbed 8.81% in two trading sessions to its current market price of Rs 629 from its recent closing low of Rs 578.05 on Monday, 9 December 2019.

Meanwhile, the S&P BSE Sensex was up 19 points or 0.05% to 40,258.82.

On the technical front, the stock's RSI (relative strength index) stood at 45.944. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock was currently trading below its 50-day moving average (DMA) placed at Rs 661.90, and below its 200 DMA placed at Rs 648.95.

The company's net profit fell 1.7% to Rs 5.64 crore on 1.4% rise in net sales to Rs 87.58 in Q2 September 2019 over Q2 September 2018.

Shaily Engineering Plastics is engaged in the manufacture of plastics products.

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