Apcotex Ind corrects on profit booking

Apcotex Industries fell 4.26% to Rs 409 on profit selling after a three-day rally.

Shares of Apcotex Industries surged 26.20% in three consecutive sessions to Rs 427.20 on 13 September 2021 from its recent closing low of Rs 338.50 on 7 September 2021.

The stock hit a record high of Rs 443.40 on 13 September 2021. It has rallied 209.50% from its 52-week low of Rs 132.15 hit on 24 September 2020.

In the past one month, the stock has jumped 19.15% as against 5.12% rise in the Sensex. It has surged 171.34% in the past one year compared with 50.37% rise in the Sensex.

On the technical front, the stock's RSI (relative strength index) stood at 59.60. 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 simple moving average (SMA) placed at 369.52 and 200-day SMA at 341.28.

Net profit of Apcotex Industries was reported at Rs 21.86 crore in Q1 June 2021 as against net loss of Rs 6.67 crore in Q1 June 2020. Net sales surged 209.44% to Rs 185.23 crore in Q1 June 2021 over Q1 June 2020.

Apcotex is one of the leading producers of synthetic rubber (NBR & HSR) and synthetic latex (Nitrile, VP latex, XSB & acrylic latex) in India.

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