IOL Chemicals jumps 18% in two days

IOL Chemicals & Pharmaceuticals rallied 11.80% to Rs 391.20, extending gains for the second trading session.

Shares of IOL Chemicals & Pharmaceuticals surged 18.22% in two consecutive sessions.

On the BSE, 1.02 lakh shares were traded in the counter so far compared with average daily volumes of 13,000 shares in the past two weeks.

The stock hit 52-week high of Rs 536.70 on 7 April 2022. The stock hit a 52-week low of Rs 295.10 on 8 March 2022.

The stock had outperformed the market over the past one month, surging 21.13% compared with 0.73% rise in the Sensex.

The counter had outperformed the market in past one quarter, rising 7.69% as against Sensex's 3.59% rise.

The scrip had underperformed the market in past one year, sliding 10.72% as against Sensex's 9.36% rise.

On the technical front, the stock's daily RSI (relative strength index) stood at 73.131. 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 above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 351.12, 358.51 and 370.09 respectively.

IOL Chemicals & Pharmaceuticals is engaged in the manufacturing and selling of pharmaceutical and chemical products. The company caters to both domestic and international market.

The company's consolidated net profit declined 54.1% to Rs 15.91 crore on 4.2% decrease in net sales to Rs 541.41 crore in Q2 FY23 over Q2FY22.

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