Aries Agro hits 52-week high; jumps 47% in four days

Aries Agro surged 11.01% to Rs 229.45, extending losses for the fourth consecutive trading session.

Shares of the fertilizer maker jumped 47.3% in four trading sessions from its recent closing low of Rs 155.75 on 23 December 2022.

On the BSE, 4.63 lakh shares were traded in the counter so far compared with average daily volumes of 0.58 lakh shares in the past two weeks.

The stock hit a 52-week high of Rs 242.70 in intraday today. The stock hit a 52-week low of Rs 105.50 on 5 July 2022.

The stock had underperformed the market over the past one month, surging 67.24% compared with 2.97% fall in the Sensex.

The scrip had underperformed the market in past three months, jumping 76.3% as against Sensex's 7.82% jump.

However, the counter had outperformed the market in past one year, advancing 61.58% as against 5.21% increase in the Sensex.

On the technical front, the stock's daily RSI (relative strength index) stood at 78.536. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily chart, the stock was trading below its 50-day, 100-day and 200-day simple moving average (SMA) placed at 147.30, 142.52 and 138.44 respectively. These levels will act as crucial support zones in near term.

Aries Agro is engaged in the business of manufacturing of small range of mineral feed additives for animals & birds and then diversified into mineral additives for the agriculture use and currently is into business of manufacturing micronutrients and other nutritional products for plants and animals.

The company's consolidated net profit jumped 28.8% to Rs 14.37 crore on 6.3% rise in net sale to Rs 134.73 crore in Q2 FY23 over Q2 FY22.

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