Surya Roshni corrects on profit selling

Surya Roshni fell 4.38% to Rs 750.75 on profit booking after recent steep gains.

Shares of Surya Roshni surged 53.94% in the past eight sessions to end at Rs 785.15 on 20 September 2021 compared with Rs 510.05 on 7 September 2021.

The stock hit a record high of Rs 840.45 on 20 September 2021. It has surged 316.50% from its 52-week low of Rs 180.25 hit on 22 September 2020.

In the past one month, the stock has surged 42.65% as against 5.70% rise in the Sensex. It has soared 283.91% in the past one year compared with 53.76% surge in the Sensex.

On the technical front, the stock's RSI (relative strength index) stood at 62.61. 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 simple moving average (SMA) placed at 644.66 and 200-day SMA at 559.65.

On a consolidated basis, net profit of Surya Roshni surged 1572.65% to Rs 37.30 crore on 63.85% rise in net sales to Rs 1453.48 crore in Q1 June 2021 over Q1 June 2020.

Surya Roshni is engaged in manufacturing of lighting & consumer durables business like fans and home appliances. It also has a stronghold in the steel pipes & strips business. The company is the largest manufacturer of GI pipes in India and is the largest exporter of ERW pipes.

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