SRF shares drop 0.5% as Sensex rises

Shares of SRF Ltd. traded 0.5 per cent lower in Friday’s session at 12:30PM (IST). The stock opened at Rs 2410.1 and has touched an intraday high and low of Rs 2428.35 and Rs 2400.0, respectively, during the session so far.

The stock quoted a 52-week high of Rs 2864.35 and a 52-week low of 2002.5. About 6,296 shares changed hands on the counter so far.

Benchmark Nifty50 was up 7.0 points at 18136.95, while the BSE Sensex traded 78.58 points higher at 61510.32 at the time of writing of this report.

In the Nifty pack, 17 stocks traded the day in the green, while 33 were in the red.

Key Financials
For the quarter ended 31-Mar-2023, the company reported consolidated sales of Rs 3800.42 crore, up 9.22 per cent from the previous quarter’s Rs 3479.67 crore and up 6.85 per cent from the year-ago quarter. The company reported net profit of Rs 562.45 crore for the latest quarter.

Promoter Holdings
Promoters held 50.53 per cent stake in the company as of 31-Mar-2023, while FIIs held 18.52 per cent and MFs 8.41 per cent.

Technicals
On the technical charts, the 200-Day Moving Average (DMA) of the stock stood at Rs 2402.38 on May 19, while the 50-DMA was at Rs 2427.34. If a stock trades above 50-DMA and 200-DMA, it usually means the immediate trend is upward. On the other hand, if the stock trades well below 50-DMA and 200-DMA both, it is considered as bearish trend and if trades between these averages, then it suggests the stock can go either way.