Gujarat Fluorochemicals stock zooms 8% on heavy volumes

Despite a below average Q1FY25 results, Gujarat Fluorochemicals stock price has seen an almost 19 percent surge over the past 2 sessions

Shares of Gujarat Fluorochemicals surged over 8 percent on September 6 amid heavy volumes. So far in the day, a total of 16 lakh shares of the company changed hands on BSE and NSE combined, compared to the one-month average trading volume of 2 lakh equity shares

At 12:33 pm, Gujarat Fluorochemicals shares were trading 8.3 percent higher at Rs 3,816.80 on the National Stock Exchange (NSE). After the recent rally, the stock has turned positive on a year-to-date basis.

In the past 12 months, the counter has risen 27 percent, in line with Nifty's 27 percent gain during this period.

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For the quarter ended June 30, 2024, Gujarat Fluorochemicals a 2.75 percent year-on-year (YoY) decline in net sales to Rs 1,176 crore. The company's net profit also saw a sharp drop of 46.31 percent YoY, falling to Rs 108 crore. Additionally, EBITDA decreased by 25.24 percent to Rs 271 crore in the quarter under review.

Despite a below average Q1FY25 results, Gujarat Fluorochemicals stock price has seen an almost 19 percent surge over the past 2 sessions and now looks overbought in terms of RSI on the daily charts, according to said A R Ramachandran of Tips2trades.

"Next resistance will be at 4,029. Investors are advised to keep booking profits at current price levels as a daily close below the support of 3,680 could lead to a fall till 3,105 in the near term," he said.

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