Star Cement rallies 10 percent after receiving freight subsidy claims
BusinessToday.In March 14, 2019
The stock rallied almost 10 percent in the early trading session on Thursday, after receiving freight subsidy claims from the government.
The stock opened with a gap up at a gain of 7.39 percent against the previous close of Rs 100.1 and rose almost 10 percent to Thursday's intraday high of 109.90.
Today's high is Star Cement's highest tally since December 19, 2019, at Rs. 109.55 on NSE and 110 on BSE. Star Cement has formed a gap up chart pattern today on both the exchanges.
The share has outperformed the sector by 5.82 percent today and 5.58 percent in one week.
The daily weekly MACD chart suggests a mildly bullish trend. However, the stock closed for the day at a low price of Rs 104.
A total amount of Rs.157 .73 crore will be received by the company (Rs.115 crore has been received and another Rs.42.55 crore is expected to be received within a week's time) for its freight subsidy claim, as per the regulatory filing in BSE.
Star Cement has moved above its 150-day simple moving average today. Although the share of Star Cement is running below 200-day moving average, it has traded above the averages of 5, 20, 50 and 100-days.( Edited by Rupa Burman Roy )