Fine Organic hits record high; rises 18% in two days

Fine Organic Industries surged 7.26% to Rs 4,832, extending its winning run to second consecutive trading session after announcing robust Q4 results.

Shares of Fine Organic Industries jumped 18% in two trading sessions from its previous closing low of Rs 4,098.90 on 27 May 2022. The stock has zoomed 77% from its 52-week low of Rs 2,735.45 recorded on 23 August 2021.

Shares of the specialty company hit an all time high of Rs 5,032.45 in intraday today on the BSE.

In last one month, the stock has jumped nearly 7.43%, outperforming the benchmark Nifty 50 index which slipped 3.19% in the same period.

The counter saw buying demand after the company reported robust Q4 earnings on 27 May 2022. On a consolidated basis, net profit jumped 283.3% to Rs 121.85 crore in Q4 FY22 from Rs 31.79 crore in Q4 FY21. Revenue from operations soared 91.1% to Rs 616.87 crore from Rs 322.88 crore in Q4 FY22 over Q4 FY21.

Profit before tax surged nearly 292% year on year to Rs 161.87 crore in the quarter ended 31 March 2022. Total expenses were up 66.7% to Rs 457.46 crore in Q4 FY22 from Rs 274.49 crore in Q4 FY21.

On the technical front, the stock's RSI (relative strength index) stood at 62.555. 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 50,100 and 200 days simple moving average placed at 4282.56, 4089.10 and 3722.40 respectively. These levels will act as crucial support zones in near term.

Fine Organic Industries is engaged in the manufacturing of oleochemical additives for various end-user industries such as foods, plastics, rubbers, paints, inks, cosmetics, coatings, textile auxiliaries, lubes etc.

Powered by Capital Market - Live News