Deepak Fertilisers hits record high; soars 29% in five days

14 Jan 2022 , 12:03 PM

Shares of Deepak Fertilisers have surged nearly 29.57% in fifth trading sessions from its previous closing low of Rs 415.65 posted on 7 January 2021. The counter hit a record high of Rs 554 in intraday today. The stock has zoomed 264% from its 52-week low of Rs 147.80 recorded on 28 January 2021.

In last one month, the stock has moved nearly 46% higher outperforming the Nifty 50 index which rose 5% in the same period.

On BSE, 2.05 lakh shares were traded in the counter so far as compared to a two week daily average volumes of 89,000 shares.

On the technical front, the stocks RSI (relative strength index) stood at 86.654. 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 390.11 and 402.46 respectively. These levels will act as crucial support zones in near term.

Deepak Fertilisers and Petrochemicals Corporation is a manufacturer of fertilizers and chemicals. On a consolidated basis, the company reported a 14.5% rise in net profit to Rs 90.82 crore on a 27.7% increase in net sales to Rs 1,793 crore in Q2 FY22 over Q2 FY21.

Meanwhile the company on Friday announced that it will announce its financial results for quarter ended December 2021 on 28 January 2022.

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