Shares of CGCL have jumped 12.99% in three consecutive sessions. The stock underperformed the market over the past one month, falling 4.62% compared with 1.32% fall in the Sensex.
The scrip underperformed the market in past one quarter, sliding 9.24% compared with 2.99% decline in the Sensex.
The scrip. however, outperformed the market in past one year, rising 11.01% compared with 0.77% increase in the Sensex.
On the technical front, the stock's daily RSI (relative strength index) stood at 57.94. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
On the daily chart, the stock was trading below its 50-day, 100-day and 200-day simple moving average (SMA) placed at 675.72, 693.66 and 685.36, respectively. These levels will act as crucial resistance zones in near term.
Earlier this month, CGCL concluded a rights issue of shares. As part of the issue, the company allotted 3,03,15,789 equity shares at Rs 475 each, aggregating to Rs 1439.99 crore.
CGCL is a non-deposit taking and systemically important NBFC (NBFC-ND-SI). On a consolidated basis, the company's PAT fell 42.3% to Rs 37.4 crore on 38.8% increase in total income to Rs 238.20 crore in Q3 December 2022 over Q3 December 2021.
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