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Shares of Surya Roshni surged 23% in the past three trading sessions. The stock has risen 50% in one month and 54% in three months and 209% in one year.
On the technical front, the stock's daily RSI (relative strength index) stood at 80.31. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
On the daily chart, the stock was trading above its 50 day, 100-day and 200-day simple moving average (SMA) placed at 547.01, 512.93 and 450.67, respectively. These levels will act as crucial support zones in near term.
Surya Roshni announced on 1 January 2024, that its lighting and consumer durable business has achieved a debt-free status as of 31 December 2023, with no long-term or working capital borrowings. The company reaffirmed its commitment to sustaining high growth through innovation, operational efficiency, and collaboration to provide exceptional solutions to customers.
Surya Roshni has presence in lighting & consumer durables and steel pipes & strips businesses, offering a wide range of products.
On a consolidated basis, net profit of Surya Roshni rose 11.71% to Rs 76.01 crore on 3.45% decline in net sales to Rs 1915.73 crore in Q2 September 2023 over Q2 September 2022.
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