GENCON spurts over 30% in four days

Generic Engineering Construction and Projects (GENCON) hit an upper circuit limit of 20% to Rs 43.20, extending recent steep gains.

Shares of GENCON climbed 30.51% in four sessions.

The stock outperformed the market over the past one month, soaring 33.75% compared with 3.29% decline in the Sensex.

The scrip outperformed the market in past one quarter, surging 38.24% as against Sensex's 3.7% rise.

The scrip outperformed the market in past one year, climbing 9.23% as against Sensex's 0.43% fall.

On the technical front, the stock's daily RSI (relative strength index) stood at 84.01. 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 32.53, 31.89 and 32.20, respectively. These levels will act as crucial support zones in near term.

GENCON is engaged in the construction across commercial, residential, industrial, health and leisure and Institutional buildings with presence in states of Maharashtra, Karnataka, Gujarat, Goa and Himachal Pradesh. The company focuses on general contracting, design-build, engineering, procurement and construction (EPC) work.

Net profit of GENCON rose 15.79% to Rs 3.08 on 6.25% rise in net sales to Rs 53.52 crore in Q2 September 2022 over Q2 September 2021.

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