Shares of Suraj have surged 58.26% in three consecutive trading session from their recent closing low of Rs 51.75 hit on 3 December 2021.
On a year-to-date (YTD) basis, the stock has surged 253% while the benchmark Sensex has added 28.46% during the same period.
On the technical front, the stock's RSI (relative strength index) stood at 90.22. 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, 100-day and 200-day simple moving average (SMA) placed at 56.44, 54.09 and 55.24, respectively.
Net profit of Suraj rose 105.71% to Rs 0.72 crore on 38.93% rise in net sales to Rs 73.48 crore in Q2 September 2021 over Q2 September 2020.
Suraj manufactures stainless steel seamless pipes, tubes and 'U' tubes. The company has specialization in tubing for heat exchangers, LP/HP heater, condensers, heating elements and duly annealed, pickled, tubes with 30-meters length tubes.
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