Surya Roshni rose 3.43% to Rs 172 after the company said it received two separate orders worth Rs 287.45 crore from Indian Oil Corporation and Bharat Gas Resources.
Surya Roshni received an order worth Rs 152.31 crore from Indian Oil Corporation for supplying API grade pipes for LPG pipe line project in Uttar Pradesh. The order is to be executed in 10 months.Furthr, the company received an order worth Rs 135.14 crore from Bharat Gas Resources for supplying API grade pipes for pan-India city gas distribution. The order is to be executed in 12 months.
The stock is up 178.77% from its 52-week low of Rs 61.70 hit on 30 March 2020. The stock hit a 52-week high of Rs 202.25 on 24 September 2019.
On the technical front, the stock's RSI (relative strength index) stood at 58.766. 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 142.17 and 117.63 respectively. These levels will act as crucial support zones in near term.
Surya Roshni makes LED lights, conventional lights and fans and home appliances. On a consolidated basis, Surya Roshni's net profit fell 88.4% to R 2.23 crore on a 37.2% fall in net sales to Rs 887 crore in Q1 June 2020 over Q1 June 2019.
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