Heritage Foods corrects on profit booking

Heritage Foods declined 0.76% to Rs 367.15 on profit selling after recent steep rally.

Shares of the Heritage Foods jumped 10.48% in the past six sessions to end at Rs 369.95 yesterday, from its recent closing low of Rs 334.85 on 12 December 2022.

On the BSE, 29,000 shares were traded in the counter so far compared with average daily volumes of 15,000 shares in the past two weeks.

The stock hit 52-week high of Rs 451.85 on 14 January 2022. The stock hit a 52-week low of Rs 250.25 March on 20 June 2022.

The stock had outperformed the market over the past one month, advancing 12.67% compared with 0.26% rise in the Sensex.

The counter had outperformed the market in past one quarter, surging 14.68% as against Sensex's 3.11% rise.

The scrip had underperformed the market in past one year, decreasing 9.64% as against Sensex's 8.85% rise.

On the technical front, the stock's daily RSI (relative strength index) stood at 9.880. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30. These levels will act as crucial support zones in near term.

On the daily chart, the stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 325.75, 319.51 and 310.16 respectively.

Heritage Foods operates through its three business divisions (a) dairy, (b) renewable energy and animal feed products.

The company's consolidated net profit declined 41.9% to Rs 19.05 crore despite of 21.8% jump in net sales to Rs 816.15 crore in Q2 FY23 over Q2FY22.

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