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Shares of Sandur Manganese & Iron Ores surged 16.37% in the past six trading sessions. The stock has risen 73.49% in one month and 82% in three months.
This recent rally was triggered by the company's board approval for the issue of 5 bonus equity shares for each share held, represented as 5:1 ratio.
On the technical front, the stock's daily RSI (relative strength index) stood at 72.57. 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 1852.77, 1654.50 and 1423.16, respectively. These levels will act as crucial support zones in near term.
Sandur Manganese & Iron Ores is the flagship company of the Karnataka-based Sandur Group. It is involved in mining of low phosphorous manganese and iron ore in the Hosapete-Ballari region of Karnataka. It also manufactures ferro-alloys (silico-manganese) at its plant in Vyasankare, near Hospet.
The company's consolidated net profit rose 23.31% to Rs 26.98 crore on a 61.38% fall in sales to Rs 184.81 crore in Q2 FY24 as compared with Q2 FY23.
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