Maharashtra Seamless slumps 15% in four days

Maharashtra Seamless dropped 7.94% to Rs 324.80, extending losses for the fourth trading session.

Shares of Fineotex Chemical have fallen 15.02% in four trading sessions.

The stock hit its 52-week high of Rs 455 on 13 October 2022 and 52-week low of Rs 232.15 on 21 December 2022.

On the BSE, 56,013 shares were traded in the counter so far compared with average daily volumes of 16,404 shares in the past two weeks.

The stock underperformed the market over the past one month, falling 19.33% compared with 0.21% rise in the Sensex.

The scrip underperformed the market in past one quarter, sliding 23.37% as against Sensex's 4.48% rise.

The scrip had, however, outperformed the market in past one year, gaining 31.13% as against Sensex's 8.39% rise.

On the technical front, the stock's daily RSI (relative strength index) stood at 22.408. 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 averages (SMA) placed at 394.63, 394.63 and 344.79, respectively. These levels will act as resistence zones in near term.

The compnay reported 94.3% jump in consolidated net profit to Rs 176.58 crore on a 48.6% rise in net sales to Rs 1414.21 crore in Q2 FY23 over Q2 FY22.

Maharashtra Seamless manufactures carbon and alloy steel seamless pipes, ERW (Electrical Resistance Welding) steel and castings pipes. The company also owns a wind power mill.

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