DCM Shriram jumps after commissioning distillery in UP

DCM Shriram surged 4.76% to Rs 360 after the company said it commissioned 200 kilo litres per day (KLD) distillery at Ajbapur in Uttar Pradesh on 3 December 2019.

Dec 05, 2019 09:12 IST capital market

The total capacity of the companys distillery after the said commissioning now stands at 350 KLD. The announcement was made during market hours today.

On the BSE, 53,000 shares were traded in the counter so far which is nearly 4 times its 2-week daily average volumes of 14,000 shares. The stock trades below its 50 and 200 days simple moving averages placed at 365.86 and 430.8 respectively.

On the technical front, the stocks RSI (relative strength index) stood at 57.905. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

DCM Shrirams consolidated net profit fell 29.5% to Rs 118.94 crore on 2.9% increase in net sales to Rs 1,744.90 crore in Q2 September 2019 over Q2 September 2018.

DCM Shriram is engaged in the business of fertilizer, sugar and caustic soda.

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