Poly Medicure tumbles on profit booking

Poly Medicure slipped 2.47% to Rs 860 as the counter witnessed some bit of profit taking after a recent steep surge.

The stock had gained 23.68% in the past five sessions to end at Rs 881.75 yesterday (15 March 2021), from its recent closing low of Rs 712.95 recorded on 2 March 2021.

On a year-to-date (YTD) basis, the stock has zoomed 69.85% while the benchmark Sensex has added 6.04% during the same period.

On the technical front, the stock's RSI (relative strength index) stood at 83.01. 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 50-day, 100-day and 200-day daily simple moving average (SMA) placed at 609.15, 553.82 and 476.58, respectively.

Last month, Poly Medicure successfully raised Rs 400 crore via allotment of 76.33 lakh shares to the eligible qualified institutional buyers at the issue price of Rs 524 per equity share. The QIP issue opened on 15 February 2021 and closed on 18 February 2021.

The scrip is currently trading 64.12% higher from its QIP issue price.

Poly Medicure exports plastic medical disposables/surgical devices. It manufactures and supplies approximately 100 types of disposable medical devices in the product verticals of infusion therapy, anesthesia, urology, gastroenterology, blood management and blood collection, surgery and wound drainage, dialysis and central venous access catheters

The company's consolidated net profit rose 41.13% to Rs 35.31 crore on a 12.79% increase in net sales to Rs 203.51 crore in Q3 FY21 over Q3 FY20.

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