Anupam Rasayan India corrects on profit selling

Anupam Rasayan India fell 3.51% to Rs 1023.75 on profit selling after recent steep gains.

Shares of Anupam Rasayan India climbed 17.13% in the past three sessions. The stock hit a record high of Rs 1,087.95 on 3 January 2022.

The scrip was listed on the bourses on 24 March 2021 at Rs 534.70, a discount of 3.66% from its IPO price of Rs 555 per share. The IPO of Anupam Rasayan was subscribed 44.06 times. The issue opened for bidding on 12 March 2021 and closed on 16 March 2021. The price band for the IPO was set at Rs 553-555 per share.

On the technical front, the stock's RSI (relative strength index) stood at 60.29. 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 and 100-day simple moving average (SMA) placed at 950.30 and 904, respectively.

Anupam Rasayan India is one of the leading companies engaged in the custom synthesis (CSM) and manufacturing of specialty chemicals in India.

On a consolidated basis, the company reported 37.2% rise in net profit to Rs 36.05 crore on 13.3% increase in revenue from operations to Rs 248.92 crore in Q2 FY22 over Q2 FY21.

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