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Torrent Power gains on bargain buying

28-Mar-23   15:32 Hrs IST

The stock slipped 10.55% in the past seven trading sessions to end at Rs 487.60 on yesterday, from its recent closing high of Rs 545.10 recorded on 16 March 2023.

On the BSE, 45,862 shares were traded in the counter so far compared with average daily volumes of 14,895 shares in the past two weeks. The stock hit a high of Rs 513.6 and a low of Rs 485.55 so far during the day.

The stock hit a 52-week high of Rs 609.9 on 22 August 2022. The stock hit a 52-week low of Rs 416 on 19 May 2022.

The stock had outperformed the market over the past one month, rising 1.15% compared with 2.21% fall in the Sensex.

The scrip had outperformed the market in past three months, increasing 3.29% as against Sensex's 5.34% decline.

The counter had outperformed the market in past one year, advancing 4.48% as against 0.11% rise in Sensex.

On the technical front, the stock's daily RSI (relative strength index) stood at 49.575. 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 491.27, 502.41 and 508.11, respectively. These levels will act as support in the near term.

Torrent Power is engaged in the business of generation, transmission and distribution of electricity.

The company's consolidated net profit jumped 86% to Rs 684.60 crore in Q3 FY23 as compared with Rs 368.08 crore in Q3 FY22. Net sales surged 71% to Rs 6,442.79 crore in Q3 FY23 as against Rs 3,767.43 crore in corresponding quarter last year.

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