Shares of India Cements Ltd witnessed a sharp uptick in Wednesday's trading session. The stock surged 17.53 per cent to hit a day high of Rs 269.50. At this price, it was just 2.71 per cent away from its 52-week high value of Rs 277, a level seen earlier this year on January 4.
The scrip saw heavy trading volume on BSE today as around 33.46 lakh shares were last seen changing hands. The figure was way more than the two-week average volume of 2.33 lakh shares.
Turnover on the counter came at Rs 87.05 crore, commanding a market capitalisation (m-cap) of Rs 8,168.89 crore. There were 49,59,594 buy orders as against sell orders of 3,70,510 shares.
On technical setup, support for India Cements' stock could be seen at the Rs 258-250 zone. And, a decisive close above Rs 270 level is required for more upside.
Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking, said, "The stock has potential to hit an upside target of Rs 285 in the near term. Keep stop loss placed at Rs 258."
Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "Support will be at Rs 250 and resistance at Rs 270. A decisive close above the Rs 270 level may trigger a further upside towards 285. The expected trading range will be between Rs 245 and Rs 285 for the short term."
The counter was trading higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-day and 200-day simple moving averages (SMAs). The counter's 14-day relative strength index (RSI) came at 72.49. A level below 30 is defined as oversold while a value above 70 is considered overbought.
The company's stock has a negative price-to-equity (P/E) ratio of 35.09 against a price-to-book (P/B) value of 1.32. Earnings per share (EPS) stood at (-)6.53 with a return on equity of (-)3.75.
As of March 2024, promoters held a 28.42 per cent stake in the cement firm.