Laxmi Organic hits record high; rises 13% in three days

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Laxmi Organic Industries gained 7.57% to Rs 411.30, rising for the third trading session.

Shares of Laxmi Organic rallied 13.62% in three trading sessions from its previous closing low of Rs 362 on 24 August 2021. The stock hit a record high of Rs 414.4 in intraday today. The stock has rallied 187.6% from its 52-week low of Rs 143 hit on 25 March 2020.

On the BSE, 8.10 lakh shares were traded in the counter so far compared with average daily volumes of 6.10 lakh shares in the past two weeks. The stock has outperformed the market over the past one month, rising 48.75% compared with 5.86% rise in the Sensex.

On the technical front, the stock's RSI (relative strength index) stood at 80.527. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading above its 20 and 50 days simple moving average placed at 325.57 and 278.18 respectively. These levels will act as crucial support zones in near term.

Laxmi Organic Industries is a leading manufacturer of acetyl intermediates and specialty intermediates with almost three decades of experience in large scale manufacturing of chemicals. The company posted a 379% rise in consolidated net profit to Rs 102 crore on 82.4% jump in net sales to Rs 736 crore in Q1 FY22 over Q1 FY21.

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