India Cements stocks: Shares of India Cements Ltd saw a significant increase in Wednesday’s trading session, surging 17.53 percent to reach a day high of Rs 269.50. At this level, the stock was just 2.71 percent below its 52-week high of Rs 277, which was achieved earlier this year on January 4.
The scrip of India Cements Ltd experienced substantial trading activity on the BSE today, with approximately 33.46 lakh shares changing hands. This volume was significantly higher than the two-week average of 2.33 lakh shares, indicating increased investor interest and activity in the stock.
The turnover for the counter reached an impressive Rs 87.05 crore, contributing to a market capitalization of Rs 8,168.89 crore. The high trading volume was accompanied by a notable imbalance between buy and sell orders, with 49,59,594 buy orders compared to just 3,70,510 sell orders. This disparity suggests strong bullish sentiment among investors, further propelling the stock’s upward momentum in today’s session.
India Cement stocks
In terms of technical setup, support for India Cements’ stock is expected in the Rs 258-250 zone. For further upside, a decisive close above the Rs 270 level is needed.
Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking, stated, “The stock has the potential to reach an upside target of Rs 285 in the near term. Maintain a stop loss at Rs 258.”
Jigar S Patel, Senior Manager and Technical Research Analyst at Anand Rathi Shares and Stock Brokers, stated, “Support is at Rs 250 and resistance at Rs 270. A decisive close above Rs 270 may trigger further upside towards Rs 285. The expected trading range in the short term is between Rs 245 and Rs 285.”
The stock was trading above its 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, 150-day, and 200-day simple moving averages (SMAs). The 14-day relative strength index (RSI) for the counter stood at 72.49, with values below 30 indicating oversold conditions and values above 70 indicating overbought conditions.
India Cements’ stock has a negative price-to-equity (P/E) ratio of 35.09 and a price-to-book (P/B) value of 1.32. The earnings per share (EPS) were (-)6.53, and the return on equity was (-)3.75. -India Cements stocks
As of March 2024, promoters held a 28.42 percent stake in the cement company.
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