Jindal Steel & Power continues significant uptrend; soars 11.2%
Jindal Steel & Power Ltd. (NSE:JINDALSTEL), India's 5th largest Iron & steel/intermediate products company by market cap, has soared Rs13.85 (11.2%) from its previous trading session to close at Rs137.20. Compared with the BSE SENSEX Index which rose 136.9 points (0.3%) in the day, the relative price increase was 10.9%. There were 71,639,108 shares worth Rs9.5 billion (US$135.1 million) traded today. The rise has been propped up by extraordinary volume of 3.6 times the average daily volume of 20 million shares.
Technical indicators complementing today's significant uptrend:
+ The positive 5.36 MACD (Moving Average Convergence Divergence) indicator suggests a bullish signal.
+ In the last one month the stock has hit a new 52-week high seven times, pointing to an uptrend.
+ The price soared 30.9% in the last week and 43.1% in the last month.