3M India rises about 3% in two days

3M India rose 0.80% to Rs 25,110, extending gains for the second day.

The stock has added 2.67% in two sessions from its recent closing low of Rs 24,456.40 on 10 May 2021.

On a year-to-date (YTD) basis, the stock has added 20.35% while the benchmark Sensex has added 2.15% during the same period.

On the technical front, the stock's RSI (relative strength index) stood at 43.769. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 100-day and 200-day daily simple moving average (SMA) placed at 23844.45 and 22034.48, respectively. However, it traded below its 50-day SMA place at 26526.52.

In a regulatory filing issued after trading hours yesterday, 3M India said as per the guidelines issued by the Government of Karnataka regarding restrictions on operations of non-essential manufacturing, the company's plant situated at Electronics City, Bangalore will be shut from 11 May 2021 till 14 May 2021.

3M India is a technology company which offers tapes, adhesives, advanced ceramics, sealants, specialty materials, closure systems for personal hygiene products, as well as offers scotch masking tape, scotch filament tape and scotch packaging tape.

On a consolidated basis, the company's net profit dropped 17.4% to Rs 59.39 crore on a 0.5% fall in net sales at Rs 741.44 crore in Q3 December 2020 over Q3 December 2019.

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