Star Cement jumped 4.39% to Rs 108.10, extending recent gains.
Shares of Star Cement have risen 11.39% in three consecutive sessions.The stock had outperformed the market over the past one month, rising 16.32% compared with 2.48% decline in the Sensex.
The scrip outperformed the market in past one quarter, jumping 27.19% as against Sensex's 6.61% rise.
The scrip outperformed the market in past one year, gaining 0.47% as against Sensex's 4.85% decline.
On the technical front, the stock's daily RSI (relative strength index) stood at 62.14. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
On the daily chart, the stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 95.68, 91.30 and 92.40, respectively. These levels will act as crucial support in the near term.
Star Cement is the leading cement company in North-Eastern India and one of the fastest growing cement brand in West Bengal & Bihar. The company has its 1.67 million tonnes per annum (MTPA) integrated cement plant in a strategic location in the idyllic town of Lumshnong in Meghalaya.
On a consolidated basis, Star Cement's net profit fell 0.6% to Rs 67.56 crore on 30.3% increase in net sales to Rs 666.06 crore in Q1 June 2022 over Q1 June 2021.
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