Sudarshan Chemical hits 52-week high on heavy volume

Sudarshan Chemical Industries was up 8.76% at Rs 543.20, following a minor correction in the past two sessions.

After consolidating in the past two trading sessions, shares of Sudarshan Chemicals hit a 52-week high of Rs 547.95 in intraday today. It has rallied 89.76% from its 52-week low of Rs 286.25 hit on 13 March 2020.

The counter saw big spurt in volume. On the BSE, 27,311 shares were traded in the counter so far compared with average daily volumes of 6,940 shares in the past two weeks. The stock hit a high of Rs 547.95 and a low of Rs 499.9 so far during the day.

On the technical front, the stock's RSI (relative strength index) stood at 72.099. 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 495.21 and 480.03 respectively. These levels will act as crucial support zones in near term.

Sudarshan Chemical Industries manufactures color pigments, which are used in paints, printing inks, plastics, rubber artist materials, and textile printing. The group also manufactures a basic range of pesticides.

On a consolidated basis, the chemical maker posted a 38.3% rise in net profit to Rs 39.16 crore on a 20.5% jump in net sales to Rs 501.58 crore in Q3 FY21 over Q3 FY20.

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