Aarti Drugs gains on fixing record date for bonus issue

Aarti Drugs rose 2.03% to Rs 2,901 after the company said its board has fixed 1 October 2020 as the record date to determine the eligible shareholders entitled to receive bonus shares.

The company will issue three bonus equity shares for each share held (3:1).

The drug maker's consolidated net profit surged 280.60% to Rs 85.45 crore on a 34.3% jump in net sales to Rs 544.67 crore in Q1 June 2020 over Q1 June 2019.

Aarti Drugs is a pharmaceutical company. The company has a strong presence in the anti-diarrhea, anti-inflammatory therapeutic groups. With its manufacturing facilities at Tarapur and Sarigam, the company manufactures vitamins, anti-arthritis, anti-fungal, antibiotics, ACE inhibitors, besides its range in anti-diabetic, anti-cholinergic, sedatives and anti-depressant drugs.

The stock zoomed 587.03% from its 52-week low of Rs 422.25 hit on 19 March 2020. On the technical front, the stock's RSI (relative strength index) stood at 56.529. 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 50-day moving average (DMA) placed at 2,371.23 and its 200-day moving average (DMA) placed at 1,148.83.

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