Elgi Equipments rose 7.28% to Rs 343.45, extending gains for the sixth day in a row.
The stock has added 12.68% in six consecutive sessions.On a year-to-date (YTD) basis, the stock has risen 3.88% while the benchmark Sensex has added 24.17% during the same period.
On the technical front, the stock's RSI (relative strength index) stood at 76.75. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 310.86, 297.25 and 260.98, respectively.
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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