Rain Industries share price surged more than 12 percent in the morning trade on May 29 after the company reported a 54.8 percent rise in net profit at Rs 106.52 crore in the quarter ended March 2020 as against Rs 68.81 crore in the same period previous year.
Sales declined 9.35 percent from the year-ago period to Rs 2,897.65 crore. EBITDA stood at Rs. 460.23 crore up 24.1 percent from Rs 370.84 crore in March 2019.
The stock price has seen a steady rise in the last 7 days and was quoting at Rs 78.40, up Rs 8.85, or 12.72 percent at 10:00 hours.
The stock also witnessed a spurt in volume by more than 4.84 times and was trading with volumes of 286,818 shares, compared to its five-day average of 57,277 shares, an increase of 400.75 percent.
According to Moneycontrol SWOT Analysis powered by Trendlyne, Rain Industries has zero promoter pledge with FII/FPI or institutions increasing their shareholding. Moneycontrol technical rating is bullish on the stock.Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol advises users to check with certified experts before taking any investment decisions.