Shares of the third largest soda ash manufacturer rallied 11% in four trading sessions from its previous closing low of Rs 800 posted on 20 September 2021. The counter an all time high of Rs 901.55 intraday today. From its 52-week low of Rs 277 posted on 24 September 2020, the stock has zoomed nearly 220%.
On BSE, 4.63 lakh shares were traded so far as compared to a two week daily average of 2.35 lakh shares.
On the technical front, the stock's RSI (relative strength index) stood at 64.908. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
The stock is trading above its 50 and 100 days simple moving average placed at 817.29 and 771.03 respectively. These levels will act as crucial support zones in near term.
TCL manufactures soda ash and related chemicals, including sodium bicarbonate, caustic soda and bromides. The company's subsidiary, Rallis, is one of the leading players in the domestic crop protection sector, and manufactures pesticides, herbicides and fungicides.
The company reported a sharply higher consolidated net profit of Rs 287.96 crore in Q1 FY22 as compared to Rs 13.28 crore posted in Q1 FY21. Net sales surged 26.8% to Rs 2,977.24 crore in Q1 FY22 over Q1 FY21.
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