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Sagar Cements rises on value buying; gains over 116% this year so far

Capital Market 

Sagar Cements jumped 5.75% to Rs 284.05, as the counter witnessed some bit of value buying after declining in the past five sessions.

The scrip had declined by 8.83% in five sessions to end at Rs 268.60 yesterday, from its recent closing low of Rs 294.60 recorded 8 November 2021.

On a year-to-date (YTD) basis, the stock has zoomed 116.07% while the benchmark Sensex has added 26.98% during the same period.

On the technical front, the stock's RSI (relative strength index) stood at 50.597. 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 100-day and 200-day simple moving average (SMA) placed at 271.50 and 212.90, respectively. However, it is trading below the 50-day SMA placed at 283.74.

In an exchange filing made after market hours yesterday, Sagar Cements said that its board will meet on Thursday, 18 November 2021, to consider a proposal to raise resources to fund its expansion/ acquisitions as opportunities may arise.

In a regulatory filing made during market hours today, the company said that the board meeting to be held on 18 November 2021 has been revised to 20 November 2021 (Saturday).

Sagar Cements is engaged in manufacturing clinker and ordinary portland cement (OPC).

The company's consolidated net profit fell 58.09% to Rs 21.07 crore despite a 13.21% rise in net sales to Rs 368.93 crore in Q2 FY22 over Q2 FY21.

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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: Tue, November 16 2021. 12:19 IST