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Elgi Equipment spurts on bargain hunting

Elgi Equipments surged 10.78% to Rs 359.70 on value buying after recent losses.

February 23, 2022 12:35 IST | capital market
Shares of Elgi Equipments tumbled 17.38% in the past two trading sessions.

In the past one year, the stock has jumped 121.18% while the benchmark Sensex has added 15.77% during the same period.

On the technical front, the stocks RSI (relative strength index) stood at 55.94. 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 below its 50-day, 100-day and 200-day simple moving average (SMA) placed at 365.89, 382.39 and 368.02, respectively.

Elgi Equipments is a global air compressor manufacturer with a broad line of innovative and technologically superior compressed air systems.

On a consolidated basis, the companys net profit rose 20.57% to Rs 41.73 crore on 19.84% rise in net sales to Rs 655.62 crore in Q3 December 2021 over Q3 December 2020. The firm expects to deliver moderate growth in Q4 March 2022 over the corresponding period of the last financial year.

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