Jyoti Resins jumps on bargain hunting

Jyoti Resins and Adhesives jumped 7.35% to Rs 1,347 on value buying after recent losses.

Shares of Jyoti Resins and Adhesives tumbled 12.64% in the past three trading sessions.

In the past one year, the stock has jumped 175% while the benchmark Sensex has added 15.26% during the same period.

On the technical front, the stock's RSI (relative strength index) stood at 56.50. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 100-day and 200-day simple moving average (SMA) placed at 1348.10 and 1232.99, respectively. It was, however, trading below its 50-day SMA placed at 1364.78.

Jyoti Resins and Adhesives' net profit rose 25.38% to Rs 4.89 crore on 51.74% rise in net sales to Rs 48.86 crore in Q3 December 2021 over Q3 December 2020.

Jyoti Resins and Adhesives is a manufacturer of synthetic resin adhesives. The company manufactures various types of wood adhesives (white glue) under the brand name of EURO 7000. Currently it services 12 states in India through 25 branches and 50 distributors, catering to 10,000 retailers and 3 lac carpenters across India.

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