Balaji Amines hits 52-week low; slips 12% in five days

Balaji Amines fell 2.61% to Rs 2,005, extending its losing run for the fifth consecutive trading session.

Shares of the specialty chemical maker slipped 11.74% in five trading sessions from its previous closing high of Rs 2,271.65 on 9 March 2023. The stock hit its 52-week low of Rs 2,004.05 today. The counter has slumped 47.81% from its 52-week high of Rs 3,841.85 hit on 15 September 2022.

On the BSE, 1,914 shares were traded in the counter so far compared with average daily volumes of 5,489 shares in the past two weeks.

The stock had underperformed the market over the past one month, declining 9.27% compared with 6.33% fall in the Sensex.

The scrip underperformed the market in past one quarter, falling 30.05% as against Sensex's 6.35% decline.

The counter had also underperformed the market in past one year, sliding 35.08% as against 1.1% rise in Sensex.

On the technical front, the stock's daily RSI (relative strength index) stood at 28.337. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

In daily chart, the stock is trading below its 50, 100 and 200 days simple moving average (SMA) placed at 2,295.92, 2,602.77 and 2,927.88 respectively. These levels will act as crucial resistance zones in near term.

Balaji Amines is a leading manufacturer of Aliphatic Amines in India. Broadly, the company is specialized in manufacturing methyl amines, ethyl amines, derivatives of specialty chemicals and natural product and its business is broadly classified into three segments - amines, specialty chemicals and derivatives.

The company's consolidated net profit fell 17.52% to Rs 83.79 crore on 3.7% increase in revenue from operations to Rs 585.95 crore in Q3 FY23 over Q3 FY22.

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