Chemplast Sanmar jumps on bargain hunting

Chemplast Sanmar rose 4.17% to Rs 377 on bargain hunting after recent steep slide.

Shares of Chemplast Sanmar slumped 9.68% in the past five sessions.

The stock hit a 52-week high of Rs 684.55 on 31 March 2022. The stock hit a 52-week low of Rs 357.70 on 4 November 2022.

The stock outperformed the market over the past one month, falling 9.59% compared with 5.76% fall in the Sensex.

The scrip underperformed the market in past one quarter, sliding 18.23% compared with 5.79% fall in the Sensex.

The scrip underperformed the market in past one year, slipping 36.16% compared with 1.70% rise in the Sensex.

On the technical front, the stock's daily RSI (relative strength index) stood at 39.94. 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 420.32, 419.37 and 431.12, respectively.

Chemplast Sanmar is a manufacturer of speciality chemicals such as Specialty Paste PVC resin and Custom Manufactured Chemicals for agro-chemical, pharmaceutical and fine chemicals sector. The company also produces other chemicals such as Caustic Soda, Chlorochemicals, Hydrogen Peroxide, Refrigerant gas and Industrial Salt.

On a consolidated basis, net profit of Chemplast Sanmar declined 88.54% to Rs 27.14 crore while net sales declined 18.02% to Rs 1188.58 crore in Q3 December 2022 over Q3 December 2021.

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