Shares of the cement maker declined 1.29% to Rs 19,759.50, extending its losing run to sixth consecutive trading session.
Shares of Shree Cement slumped 12% in six trading sessions from its previous closing high of Rs 22453.50 on 30 May 2022. The counter has corrected 37% from its 52-week high of Rs 31,441.05 hit on 15 September 2021.
On the BSE, 1,679 shares were traded in the counter so far compared with average daily volumes of 1,720 shares in the past two weeks.
In last one month, the stock has fallen 17.96%, underperforming the Nifty 50 index which risen 0.52% in the same period.
On the daily chart, the stock is trading above its 50 and 100 day simple moving average placed at 23707.52 and 24062.90 respectively. These levels will act as crucial resistance zones in near term.
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On the technical front, the stock's daily RSI (relative strength index) stood at 26.047. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
Shree Cement is one of India's top three cement producers. Its portfolio of products includes Shree Jung Rodhak Cement, Bangur Cement, Roofon and Rockstrong Cement. It also has an installed power generation capacity of 752 megawatts which includes waste heat recovery power, solar power, wind power along with others.
The cement maker reported a 17.7% fall in consolidated net profit to Rs 657.24 crore on 3.1% rise in net sales to Rs 4364.24 crore in Q4 FY22 over Q4 FY21.
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