Coromandel International snaps 4-day losing streak

Coromandel International gained 2.45% to Rs 722.30, ending its decline in the past four consecutive sessions.

Shares of Coromandel International lost 8% in the past four trading sessions to end at Rs 705.1 on Wednesday (9 September) from its recent closing high of Rs 766.65 on 3 September 2020.

The counter is up nearly 92% from its 52-week low of Rs 377 hit on 11 September 2019. It is 15% away from its 52-week high of Rs 830.75 hit on 28 August 2020.

On the technical front, the stock's RSI (relative strength index) stood at 41.421. 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 in between its 50 days and 100 days simple moving average placed at 769.46 and 710.09 respectively. These levels will act as crucial resistance and support zones in near term.

Coromandel International's consolidated net profit surged 301.40% to Rs 250.57 crore on 50.8% jump in net sales to Rs 3,213.23 crore in Q1 June 2020 over Q1 June 2019. During the quarter ended 30 June 2020, profit before depreciation, interest, taxes and exceptional item (EBITDA) for the quarter ended 30 June 2020 grew 113% to Rs 415 crore from Rs 195 crore in 30 June 2019.

Coromandel International operates in business of fertilizers, specialty nutrients, crop protection and retail. The company is India's second largest phosphatic fertilizer player.

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