Isgec Heavy Engineering fell 4.50% to Rs 626.45 on profit selling after recent steep gains.
Shares of Isgec Heavy Engineering surged 21.57% in the past four sessions.So far in 2021, the stock has soared 109.94% while the benchmark Sensex has added 22.13% during the same period.
On the technical front, the stock's RSI (relative strength index) stood at 61.35. 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 574.06, 578.37 and 572.94, respectively.
ISGEC Heavy Engineering is a diversified heavy engineering company engaged in manufacturing and project businesses with an extensive global presence.
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The company's consolidated net profit declined 86.33% to Rs 10.52 crore on a 2.34% rise in sales to Rs 1,376.11 crore in Q2 FY22 over Q2 FY21.
Last week, the company announced that its wholly owned subsidiary Saraswati Sugar Mills (SSML) on 22 December 2021 commenced commercial production at its 100 KLPD Ethanol plant at Yamuna Nagar, Haryana.
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