Shares of Rashtriya Chemicals & Fertilizers Ltd (RCF) hit a new 52-week high, and rose over 6% on Monday's early trade on the backdrop of government's plans to sell 5%-10% in the company.
On November 25, Bloomberg reported that to benefit from a stock market upswing and increase sales in the last quarter of the fiscal year, the government was looking to sell 5-10% in Coal India Ltd, Hindustan Zinc Ltd, Rashtriya Chemicals and Fertilizers Ltd through offer-for-sale mechanism.
On the technical front, analysts said that the trend is positive as it has rallied with good volumes. According to trendlyne, weekly average delivery volume is 19.08%.
"The stock is in strong positive momentum since last week, overall view is positive and can extend toward 140 in the near term, 115 would be support," said Rajesh Bhosale, equity technical and derivative analyst, Angel One.
The stock price outperformed its sector by 29.52% in the past year, and the stock has gained 90.91% from 52-week low of 66.0 on November 29, 2021.
As on September ended quarter, promoters holding remains unchanged at 75.00%, while FII/FPI have increased holdings from 2.95% to 3.07%, and mutual funds have increased holdings from 0.02% to 0.39%.
On November 12, the Indian central public sector undertaking, for the September ended quarter reported a 122% on year surge in its consolidated net profit at 261.91 crore rupees, while consolidated revenue rose 113% on year to 5,575.95 crore rupees.
