Clean Science hits all time high; jumps 20% in four days

Clean Science and Technology jumped 5.03% to Rs 2,421.70, extending its winning run to fourth consecutive trading session.

Shares of Clean Science and Technology have surged 20.54% in four trading sessions from its previous closing low of Rs 2,009 posted on 29 November 2021. The counter hit a record high of Rs 2,446 in intraday today. The stock has zoomed 70% from its 52-week low of Rs 1422.90 recorded on 26 August 2021.

On the BSE, 40,592 shares were traded in the counter so far compared with average daily volumes of 33,195 shares in the past two weeks. On NSE, 8.82 lakh shares were traded so far as compared to average daily volumes of 4.32 lakh shares in a fortnight.

On the technical front, the stock's RSI (relative strength index) stood at 66.942. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading above its 20 and 50 days simple moving average placed at 2131.92 and 2115.10 respectively. These levels will act as crucial support zones in near term.

Clean Science and Technology manufactures functionally critical specialty chemicals such as performance chemicals- mono methyl ether of hydroquinone (MEHQ), butylated hydroxyl anisole (BHA), L-ascorbyl palmitate and anisole.

Shares of Clean Science and Technology entered bourses on 19 July 2021. The scrip was listed at a price of Rs 1784.40 per share, at a premium of 98.27% to the initial public offer (IPO) price. The IPO of Clean Science and Technology received bids for 114.92 crore shares as against 1.23 crore shares on offer. The issue was subscribed 93.41 times. The issue opened for bidding on 7 July 2021 and closed on 9 July 2021. The price band for the IPO was set at Rs 880-900 per share.

On a consolidated basis, the company reported a 1.4% decline in net profit to Rs 53.52 crore on a 9.2% rise in net sales to Rs 153.16 crore in Q2 FY22 over Q2 FY21.

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