Alkyl Amines slips after promoter trims stake

Alkyl Amines Chemicals fell 1.30% to Rs 3722.65 after the company said its promoter and chairman & managing director, Yogesh M. Kothari, sold his 2.01% stake in the firm.

Kothari sold 10,29,628 shares, or 2.01% equity, in Alkyl Amines Chemicals between 18 August 2021 and 17 September 2021 through open market sale.

Following the transaction, Kothari's stake in the company has reduced to 57.75% from 59.76%.

The stock has fallen 10% in seven straight sessions. The stock hit a record high of Rs 4,740 on 27 July 2021. It has surged 226.98% from its 52-week low of Rs 1,138.50 hit on 3 November 2020.

In the past one month, the stock has declined 9.02% as against 6.11% rise in the Sensex. It has soared 191.59% in the past one year compared with 54.36% surge in the Sensex.

On the technical front, the stock's RSI (relative strength index) stood at 18.83. 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 below its 50-day simple moving average (SMA) placed at 4042.96 and 200-day SMA at 4119.81.

Net profit of Alkyl Amines Chemicals rose 48.81% to Rs 78.54 crore on 59.82% rise in net sales to Rs 391.81 crore in Q1 June 2021 over Q1 June 2020.

Alkyl Amines Chemicals is in the business of manufacturing and marketing various aliphatic amines, amine derivatives and other speciality chemicals. The company supplies amines and amine-based chemicals to the pharmaceutical, agrochemical, rubber chemical and water treatment industries, among others.

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