Aarti Drugs spurts over 18% in four days

Aarti Drugs rose 3.62% to Rs 2497.90 ahead of the company's board meeting today to consider issue of bonus shares.

On 17 August 2020, the company informed that its board will meet on 20 August 2020, to consider issuing bonus shares.

Since then, the stock has gained 18.19% in four sessions from its recent closing low of Rs 2113.45.

On the technical front, the stock's RSI (relative strength index) stood at 77.832. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is currently trading above its 50-day, 100-day and 200-day simple moving averages (SMA) placed at 1571.88, 1167.03 and 869.49, respectively.

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 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.

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