Radico Khaitan corrects on profit booking

Radico Khaitan slides 0.12% to Rs 1047 on profit selling after recent steep rally.

Shares of Radico Khaitan surged 10.3% in six consecutive sessions.

On the BSE, 12,000 shares were traded in the counter so far compared with average daily volumes of 16,000 shares in the past two weeks. The stock hit a high of Rs 1064 and a low of Rs 1041.65 so far during the day.

The stock hit a 52-week high of Rs 1299.85 on 6 January 2022. The stock hit a 52-week low of Rs 731.35 on 12 May 2022.

The stock had underperformed the market over the past one month, declining 1.25% compared with 4.62% rise in the Sensex.

The scrip underperformed the market in past one quarter, rising 0.99% as against Sensex's 5.99% rise.

The scrip had underperformed the market in past one year, declining 5.59% as against Sensex's 5.95% rise.

On the technical front, the stock's daily RSI (relative strength index) stood at 57.418. 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 above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 1045.12 , 1004.91 and 936.17 respectively.

Radico Khaitan is engaged in the manufacturing and trading of Alcoholic products such as Indian Made Foreign Liquor (IMFL) and Country Liquor.

On consolidated basis, the company's net profit declined 25.4% to Rs 54.49 crore on 7.4% jump in revenue from operations to Rs 761.39 crore in Q2 FY23 over Q2 FY22.

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