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Shares of Elgi Equipments have surged 20.4% in two trading sessions from its previous closing low of Rs 212.75 posted on 22 November 2021. The counter hit a record high of Rs 254 in intraday today. The stock has zoomed 102% from its 52-week low of Rs 126.75 recorded on 1 December 2020.
In last one month, the stock has moved 26.3% higher as compared to a 3% fall in Nifty 50 index. On the BSE, 1.43 lakh shares were traded in the counter so far compared with average daily volumes of 38,345 shares in the past two weeks.
On the technical front, the stock's RSI (relative strength index) stood at 78.423. 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 200 days simple moving average placed at 206.89 and 202.71 respectively. These levels will act as crucial support zones in near term.
On a consolidated basis, the company reported a 55.2% increase in net profit to Rs 51.62 crore on a 35.8% rise in net sales to Rs 652 crore in Q2 FY22 over Q2 FY21.
Elgi Equipments is a global air compressor manufacturer with a broad line of innovative and technologically superior compressed air systems.
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