Jindal Poly Films hits 52-week low; slides 22% in nine days

Jindal Poly Films tumbled 7.16% to Rs 562.45, extending its losing run for the ninth consecutive trading session.

Shares of Jindal Poly Films slipped 21.82% in nine trading sessions from its previous closing high of Rs 719.45 on 14 February 2023. The stock hit its 52-week low of Rs 557.35 today. The counter has slumped 61.06% from its 52-week high of Rs 1,444.40 hit on 17 March 2022.

On the BSE, 16,340 shares were traded in the counter so far compared with average daily volumes of 12,981 shares in the past two weeks.

The counter witnessed selling pressure after the company reported dismal Q3 earnings on 15 February 2023. The company reported a consolidated net loss of Rs 96.63 crore in Q3 FY23 as against a net profit of Rs 217.98 crore in recorded Q3 FY22. Revenue from operations dropped 34.8% to Rs 886.65 crore in Q3 FY23 from Rs 1,359.18 crore posted in the corresponding quarter previous year.

The company's revenue from packaging films was at Rs 655.37 crore (down 45.84% YoY) and revenue from Nonwoven fabrics stood at Rs 134 crore (down 10.18% YoY) during the period under review.

The stock had underperformed the market over the past one month, declining 21.04% compared with 0.01% rise in the Sensex.

The scrip underperformed the market in past one quarter, falling 34.78% as against Sensex's 4.75% decline.

The counter had also underperformed the market in past one year, sliding 42.68% as against 6.22% jump in Sensex.

On the technical front, the stock's daily RSI (relative strength index) stood at 14.029. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

In daily chart, the stock is trading below its 50, 100 and 200 days simple moving average (SMA) placed at 730.45, 794.46 and 899.22 respectively. These levels will act as crucial resistance zones in near term.

Jindal Poly Films is engaged in diverse business activities including manufacturing of polyester film, polypropylene film, steel pipes and photographic products.

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