Hidden gem: Refex Industries soars 9 per cent, hits fresh all-time along with surge in volumes
Refex Industries is primarily engaged in the business of refilling non-ozone-depleting refrigerant gases, popularly known as hydrofluorocarbon or HFC. It is mainly used in automobile air-conditioners, room air conditioners, and refrigerating equipment.
The stock soared more than 9 per cent on Wednesday despite bouts of volatility seen in the market in the initial hour of the trading session. Moreover, it has surpassed its previous all-time high of Rs 161.90, which was hit in the month of April this year. What is more striking is that we have witnessed only 90 minutes of trading on Wednesday but the volume activity is spellbound. The stock has registered volumes of more than 8.5 lakh shares, which is the highest in the last 20 trading sessions.
The stock has gained more than 50 per cent on a YTD basis while on an MTD basis, it is up by 9 per cent. It is trading above all its important moving averages and the RSI is in bullish territory. Besides, the stock is up by nearly 278 per cent from its 52-week low of Rs 42.50.