JSPL hits 52-week high; jumps 41% in one month

24 Mar 2022 , 03:21 PM

Shares of the steel making company have surged 15.45% in six trading sessions from its previous closing low of Rs 452.5 posted on 15 March 2022. The counter hit a 52 week high of Rs 529.4 in intraday today. The stock has zoomed nearly 75% from its 52-week low of Rs 297.25 recorded on 25 March 2021.

On the BSE, 4.22 lakh shares were traded in the counter so far compared with average daily volumes of 4.07 lakh shares in the past two weeks.

In last one month, the stock has moved nearly 41.2% higher outperforming the Nifty 50 index which rose 6% in the same period.

On the technical front, the stocks RSI (relative strength index) stood at 72.417. 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 426.82 and 406.80 respectively. These levels will act as crucial support zones in near term.

JSPL is a leading Indian infrastructure conglomerate with a presence in the steel, power, and mining sectors.

On a consolidated basis, net profit of the company declined 28.30% to Rs 1616.67 crore on 35.08% rise in net sales to Rs 12544.15 crore in Q3 FY22 over Q3 FY21.

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