Hikal jumps on bargain hunting

Hikal jumped 5.62% to Rs 299.95 on bargain hunting after recent steep slide.

Shares of Hikal slumped 8.08% in the past four sessions.

The stock hit a 52-week high of Rs 456.20 on 8 April 2022. The stock hit a 52-week low of Rs 215.65 on 20 June 2022.

The stock outperformed the market over the past one month, falling 3.39% compared with 5.57% fall in the Sensex.

The scrip underperformed the market in past one quarter, falling 21.17% compared with 6.37% fall in the Sensex.

The scrip underperformed the market in past one year, falling 21.66% compared with 3.74% rise in the Sensex.

On the technical front, the stock's daily RSI (relative strength index) stood at 43.82. 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 344.11, 347.66 and 320.83, respectively.

Hikal provides active ingredients, intermediates and R&D services to global pharmaceuticals, animal health, biotech, crop protection and specialty chemicals companies.

On a consolidated basis, net profit of Hikal declined 41.57% to Rs 26.41 crore on 6.28% rise in net sales to Rs 538.45 crore in Q3 December 2022 over Q3 December 2021.

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