Orient Cement shares extend gains, zoom 20% to hit fresh record high

Shares of Orient Cement Ltd on Monday continued their strong upward run for the fifth straight session. The stock surged 19.85 per cent to scale a new all-time high of Rs 329.40. It eventually settled 14.28 per cent higher at Rs 314.10. At this price, the scrip has gained 34.84 in past five days and 48.79 per cent in a month.

The counter saw heavy trading volume on BSE today as around 6.70 lakh shares changed hands. The figure was way more than the two-week average volume of 1.24 lakh shares. Turnover on the counter came at Rs 20.23 crore, commanding a market capitalisation (m-cap) of Rs 6,434.93 crore.

The company, in a BSE filing, informed that its 13th Annual General Meeting (AGM) will be conducted on August 5, 2024 at 3:30 pm. Prior to this, Orient Cement updated that it has completed acquisition of 28.52 per cent stake in Ardeur Renewables Pvt Ltd.

Cement stocks have been buzzing due to increased infrastructure development, growth in the housing market, strong financial performance and stable raw material costs, Amar Deo Singh, Head Advisory at Angel One, told Business Today TV.

These factors collectively contribute to the positive sentiment and heightened activity in the sector, the market expert added.

On technical setup, Orient Cement's counter traded 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 85.87. A level below 30 is defined as oversold while a value above 70 is considered overbought.

The company's stock has a price-to-equity (P/E) ratio of 32.20 against a price-to-book (P/B) value of 3.23. Earnings per share (EPS) stood at 8.53 with a return on equity of 10.03.

As of March 2024, promoters held a 37.90 per cent stake in the cement firm.