India's Pokarna surges after U.S. Commerce dept scraps unit's anti-dumping duty order

Pokarna

06/01/2023 05:11

** Shares of construction material manufacturer Pokarna
 POKR.NS  rise as much as 9.6% at 462.95 rupees, their highest
level since Dec. 8 
    ** Stock marks sharpest intraday pct rise since Nov. 1; eyes
third consecutive session of gain
    ** Co on Thursday said U.S. Department of Commerce in its
review found co's unit, Pokarna Engineered Stone, did not make
sales of subject merchandise at less than normal value during
Dec 13, 2019-May 31, 2021 period 
    ** Accordingly, unit's anti-dumping duty has been determined
to be 0% for the period of review, co adds
    ** POKR's relative strength index (RSI) is above 70,
indicating that it is overbought
    ** Stock's moving average convergence divergence (MACD) line
has been above the signal line since Dec. 30, indicating bullish
bias
    ** About 746,000 shares traded, as of 10:18 a.m., 13.3x
30-day average 
    ** Stock fell 45.8% last year
 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com;))