Graphite India jumped 7.18% to Rs 700.1, rising for third trading session.Shares of Graphite India have soared 30% in three days from their previous closing low of Rs 538.55 on 5 April 2021. The stock hit a 52-week high of Rs 739.95 in intraday today. It is up almost 353% from its 52-week low of Rs 154.45 posted on 8 April 2020.
In one month, Graphite has rallied 46% compared with a 1% rise in BSE Mid Cap index.
On the technical front, the stock's RSI (relative strength index) stood at 80.721. 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 464.50 and 371.90 respectively. These levels will act as crucial support zones in near term.
Graphite India is one of the largest Indian producers of graphite electrodes and one of the largest globally, by total capacity. On a consolidated basis, the company posted a net profit of Rs 23 crore in Q3 FY21 as compared to a net loss of Rs 353 crore in Q3 FY20. Net sales declined 22.4% year on year to Rs 499 crore in Q3 FY21.
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