The state-run company which has a market capitalisation of Rs 7,031.26 crore informed about the development in its filing to the exchanges on Tuesday. The price action was accompanied by high volume action as over 1.20 crore shares traded on the NSE at 12:15 pm.
The stock has rallied by over 17% in the last seven sessions and retraced 43% since hitting its low of Rs 89 in March this year. The 52-week high for RCF is Rs 144.85.
RCF has outperformed the Nifty index in the last 12 months and given returns of over 27% versus near 12% returns given by the 50-stock index.
Today’s movement has taken the stock in the overbought zone with MFI trading above 70 according to Trendlyne data. Meanwhile, the momentum indicator Relative Strength Index (RSI) for the day stood above 64, indicating that the stock has some upside left before it enters the overbought zone above the 70 mark.
The stock is trading above its 50-day and 200-day Simple Moving Averages (SMAs) and has been quite volatile with a 1-year beta of 1.1.
The company reported a profit after tax (PAT) of Rs 67.79 crore for the quarter ended June 2023, down 77% year-on-year (YoY) from Rs 300 crore posted by it in the corresponding quarter of the previous financial year. The June quarter consolidated revenue from operations stood at Rs 4,043 crore, down 18% from Rs 4,957 crore in the year-ago period.The company recently received an environmental clearance for its nano urea fertilizer plant from the Ministry of Environment, Forest and Climate Change.
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