Surya Roshni shares rebound 20% after hitting 52-week low; here's what tech charts hint at

Shares of Surya Roshni staged a sharp recovery on Tuesday, pausing their four-day losing run. The stock, which slipped to a one-year low of Rs 230.95 in early trade, settled 20 per cent higher at Rs 280.60. It saw high trading volume on BSE as around 2.19 lakh shares changed hands. The figure was way more than the two-week average volume of 45,000 shares. Turnover on the counter came at Rs 5.92 crore, commanding a market capitalisation (m-cap) of Rs 6,106.86 crore.

The company recently secured an order worth Rs 81.47 crore from Bharat Petroleum Corporation Ltd (BPCL). "It is hereby informed that the Company has obtained order amounted to Rs 81.47 crore (with GST) from BPCL for CGD (City Gas Distribution) Project on Pan India basis," it stated in a BSE filing.

On technical setup, a few analysts suggested that the counter appeared 'bullish' on daily charts.

"Surya Roshni looks attractive for further upside. The expected near-term target is Rs 335. However, the bullish view will be negated if the stock falls below Rs 265. Traders should monitor these levels closely," said Ameya Ranadive, Chartered Market Technician, CFTe, Sr Technical Analyst, StoxBox.

"The stock price is bullish on daily charts with strong support at Rs 230. A daily close above the resistance of Rs 281 could lead to an upside target of Rs 308 in the near term," said Sebi-registered research analyst AR Ramachandran.

The counter traded higher than the 5-day, 10-day and 20-day simple moving averages (SMAs) but lower than the 30-day, 50-, 100-, 150-day and 200-day SMAs. The counter's 14-day relative strength index (RSI) came at 51.66. A level below 30 is defined as oversold while a value above 70 is considered overbought.

The stock has a price-to-equity (P/E) ratio of 9.47 against a price-to-book (P/B) value of 1.35. Earnings per share (EPS) stood at 29.63 with a return on equity (RoE) of 14.22.

As per BSE data available for January 2, 2025, promoters held a 62.47 per cent stake in the company.