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Shares of Linde India have rallied 49.1% in nine trading days from its previous closing low of Rs 1,798 on 12 August 2021. The counter hit an all time high of Rs 2,748.85 in intraday today. The stock has rallied 295% from its 52-week low of Rs 678.40 posted on 9 September 2020.
On the BSE, 48,273 shares were traded in the counter so far compared with average daily volumes of 30,779 shares in the past two weeks. On NSE, 14,34,284 shares were traded so far compared with fortnightly average of 666,478 shares.
The counter saw demand after the company reported robust Q2 June 2021 results on 10 August 2021. The company's consolidated net profit soared 266% to Rs 72.5 crore on a 109.2% increase in net sales to Rs 519.17 crore in Q2 June 2021 over Q2 June 2020.
On the technical front, the stock's RSI (relative strength index) stood at 85.165. 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 1771.36 and 1753.92 respectively. These levels will act as crucial support zones in near term.
Linde India is in the industrial gases business, providing a one-stop solution to all businesses for gas supply and related equipment and services. It manufactures cryogenic and non-cryogenic vessels and also design and commission projects.
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