Optiemus Infra gains on bargain hunting

Optiemus Infracom rose 2.97% to Rs 237.60 on bargain hunting after recent steep slide.

Shares of Optiemus Infracom slumped about 11% in the past six sessions.

The stock hit a 52-week high of Rs 436 on 21 April 2022. The stock hit a 52-week low of Rs 207.55 on 21 November 2022.

The stock underperformed the market over the past one month, falling 13.76% compared with 4.48% fall in the Sensex.

The scrip underperformed the market in past one quarter, sliding 27.07% as against Sensex's 6.99% fall.

The scrip underperformed the market in past one year, falling 23.39% as against Sensex's 3.21% rise.

On the technical front, the stock's daily RSI (relative strength index) stood at 36.50. 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 average (SMA) placed at 275.74, 271.18 and 266.16, respectively.

Optiemus Infracom is engaged in managing, distributing, manufacturing and retailing mobile brands and other telecommunication products in India.

On a consolidated basis, Optiemus Infracom reported net profit of Rs 12.57 crore in Q3 December 2022 as against net loss of Rs 2.49 crore in Q3 December 2021. Net sales surged 145.86% YoY to Rs 326.68 crore in Q3 December 2022.

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