Shree Cements shares drop 0.75% as Sensex rises

Shares of Shree Cements Ltd. traded 0.75 per cent down at Rs 27461.6 at 01:50PM (IST) on Wednesday, even as BSE benchmark Sensex gained 539.07 points to 79980.52.

The scrip had closed at Rs 27671.8 in the previous session. The stock quoted a 52-week high price of Rs 30710.15 and 52-week low of Rs 23023.05, respectively. As per BSE data, total traded volume on the counter till 01:50PM (IST) stood at 162 shares with a turnover of Rs 0.45 crore.

At the prevailing price, the stock traded at 41.44 times its trailing 12-month earnings per share of Rs 663.98 per share and 4.48 times its price-to-book value, BSE data showed.

A higher P/E ratio shows investors are willing to pay a higher share price today because of growth expectations in the future.

Price-to-book value indicates the inherent value of a company and reflects the price investors are ready to pay even for no growth in the business. The stock's Beta value, which measures its volatility in relation to the broader market, stood at 1.16.

Shareholding Details

Promoters held 62.55 per cent stake in the company as of 31-Mar-2024, while FIIs owned 12.48 per cent and DIIs 7.55 per cent.

Technicals
On the technical charts, the relative strength index (RSI) of the stock stood at 56.29. The RSI oscillates between zero and 100. Traditionally, it is considered overbought condition when the RSI value is above 70 and oversold condition when it is below 30. Chartists say, RSI should not be seen in isolation, as it may not be sufficient to take a trading call, just the way fundamental analysts cannot give a'buy' or'sell' recommendation using a single valuation ratio.

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