Rain Industries rose 2.94% to Rs 217.10 after Pabrai Investment Funds bought 2.05% stake in the company via open market transaction on 2 December 2021.
Post transaction, Pabrai Investment Funds has increased its shareholding in Rain Industries to 8% from 5.95% earlier.Mohnish Pabrai is the founder and managing partner of the Pabrai Investments Funds.
The National Stock Exchange (NSE) on 30 November 2021 announced inclusion of Rain Industries in the Futures & Options (F&O) segment with effect from 31 December 2021.
The market lot, scheme of strikes and quantity freeze limit of the above mentioned securities shall be informed to members on 30 December 2021.
On a year-to-date (YTD) basis, the stock has risen 62.31% while the benchmark Sensex has added 25.75% during the same period.
On the technical front, the stock's RSI (relative strength index) stood at 50.60. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
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The stock was trading above its 50-day and 100-day simple moving average (SMA) placed at 205.73 and 205.62, respectively. The stock was trading below its 200-day SMA placed at 213.10.
Rain Industries' consolidated net profit rose 99.36% to Rs 235.56 crore on 50% rise in net sales to Rs 3849.01 crore in Q3 September 2021 over Q3 September 2020.
Rain Industries is a vertically integrated global producer of a diversified portfolio of products that are essential raw materials. It operates in three business segments: carbon, advanced materials and cement.
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