Analyst View:
Shree Cement is the third-largest cement group in India with a domestic cement capacity of 43.4 MT as of FY21. While short term outlook is a little uncertain but the long-term outlook of the cement industry continues to be positive on account of the various economic reforms, sustained consumption momentum and persistent infra spending. In the past four years, it has diversified itself from a 100% north player to one with capacities now in Rajasthan, Uttarakhand, Bihar, Chhattisgarh, Haryana, Uttar Pradesh, Karnataka and Odisha. It also has a presence in the UAE with an integrated cement capacity of 4 MT and 3.3 MT. Shree Cements Q1 net profit was up 91.11% at Rs630cr on higher revenues and inventory tweaks. It is expected that company revenue may grow even further on account of the expansion step and performance the company is delivering.

Technical Analysis Highlights:
● A sharp decline is seen at the start of August followed by a sharp increase. A breakout can be seen at the start of September.
● 29330 acted as resistance from February. Now it is immediate support for the stock.
● High-volume bars can be seen. RSI is at overbought zone 77.1252
● A Fibonacci extension is used to find out the next levels the stock can go.