SRF soars after board OKs 4:1 bonus issue

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SRF jumped 4.87% to Rs 10184.70 after the company's board approved issuing four bonus shares for each equity share held as on the record date.

On the BSE, the counter clocked volumes of 50,000 shares compared with average daily volumes of 11,000 shares.

On the NSE, over 9.72 lakh shares of the company were traded so far as against an average trading volume of 2.04 lakh shares in the past three months.

The scrip extended gains for fourth consecutive session. The stock has added 14.05% in four sessions, from its recent closing low of Rs 8,929.65 recorded on 25 August 2021.

The scrip hit a record high of Rs 10,354.25 in mid-afternoon trade today. It has zoomed 154.86% from its 52-week low of Rs 3,996.20 hit on 24 September 2020.

On a year-to-date (YTD) basis, the stock has jumped 82% while the benchmark Sensex has added 20.53% during the same period.

On the technical front, the stock's RSI (relative strength index) stood at 63.620. 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 moving average (DMA) placed at 8169.78, 7338.87 and 6406.59, respectively.

SRF is a chemical based multi-business conglomerate engaged in the manufacturing of industrial and specialty intermediates.

The company's consolidated net profit jumped 123% to Rs 395 crore on a 75% rise in revenue from operations to Rs 2,699 crore in Q1 FY22 over Q1 FY21.

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