Aurobindo Pharma rises on bargain hunting

Aurobindo Pharma gained 1.35% to Rs 462.40 on bargain hunting after sliding for seven trading sessions.

The stock slipped 7.21% in the past seven trading sessions to end at Rs 456.25 yesterday, from its recent closing high of Rs 491.70 recorded on 15 November 2022.

On the BSE, 40,389 shares were traded in the counter so far compared with average daily volumes of 1.32 lakh shares in the past two weeks. The stock hit a high of Rs 463.50 and a low of Rs 455.05 so far during the day.

The stock had underperformed the market over the past one month, declining 11.13% compared with 4.51% rise in the Sensex.

The scrip had underperformed the market in past three months, falling 16.79% as against Sensex's 5.88% rise.

The counter had also underperformed the market in past one year, sliding 30.91% as against 5.85% jump in Sensex.

On the technical front, the stock's daily RSI (relative strength index) stood at 32.309. 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 is trading below its 50-day, 100-day and 200 day simple moving average (SMA) placed at 515.21, 533.90 and 572.63, respectively. These levels will act as crucial ressitance zones in near term.

Aurobindo Pharma develops, manufactures and distributes generic pharmaceuticals, branded specialty pharmaceuticals and active pharmaceutical ingredients.

The pharmaceutical company reported 41.3% fall in consolidated net profit to Rs 409.45 crore on a 3.7% decline in net sales to Rs 5,673.65 in Q2 FY23 over Q2 FY22.

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