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Graphite India soars 27% in three days

Capital Market 

Graphite India jumped 7.93% to Rs 228.10, extending its winning run to third consecutive trading session.

The counter has jumped 26.65% in three trading sessions from its previous closing low of Rs 180.10 on 17 November 2020. The stock is 47.87% away from its 52-week high of Rs 337.3 registered on 28 November 2019. The stock has soared 121.4% from its 52-week low of Rs 228.1 hit on 25 March 2020.

In last three month, Graphite India has gained 17.2%, outperforming the BSE Small Cap index's rise of 11.54% in the same period.

On the technical front, the stock's RSI (relative strength index) stood at 80.179. 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 185.81 and 184.28 respectively. These levels will act as crucial support zones in near term.

Graphite India is the largest Indian producer of graphite electrodes and one of the largest globally, by total capacity.

The company reported a consolidated net loss of Rs 41 crore in Q2 FY21 compared with net profit of Rs 185 crore in Q2 FY20. Net sales during the quarter declined by 45% year-on-year (YoY) to Rs 485 crore in Q2 FY21. Pre-tax loss in Q2 September 2020 stood at Rs 45 crore.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Fri, November 20 2020. 11:58 IST