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Sundaram Finance hits 52-week high; rises 15% in eight days

Capital Market 

Sundaram Finance gained 1.22% to Rs 1784.60, rising for eight consecutive trading session.

The stock has jumped 14.95% in eight trading days from its previous closing low of Rs 1552.55 on 12 November 2020. The stock hit a 52-week high of Rs 1,801 in intraday today. It is up 75% from its 52-week low of Rs 1019.75 hit on 25 March 2020.

On the technical front, the stock's RSI (relative strength index) stood at 78.913. 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 1435.72 and 1390.22 respectively. These levels will act as crucial support zones in near term.

Sundaram Finance's main business of the company includes hire purchase and lease financing of commercial vehicles, cars and machinery. It also undertakes short-term such as bill discounting and commercial mortgage lending.

On a consolidated basis, the company's net profit jumped 51.3% to Rs 283 crore on a 23.9% rise in total income to Rs 1305.89 crore in Q2 September 2020 over Q2 September 2019.

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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 24 2020. 12:36 IST