Shree Pushkar Chemicals hits the roof after promoter hikes stake

Shree Pushkar Chemicals & Fertilisers hit an upper circuit of 5% to Rs 109.20 after promoter Gautam Gopikishan Makharia purchased an additional 0.64% stake in the company via bulk deal.

On Monday, 7 September 2020, promoter Gautam Gopikishan Makharia bought 1,97,950 equity shares (0.64% equity) of Shree Pushkar Chemicals & Fertilisers at Rs 104.18 each via bulk deal on National Stock Exchange (NSE).

As of 30 June 2020, promoter Gautam Gopikishan Makharia held 28.57% stake in the company.

Shree Pushkar Chemicals & Fertilisers is engaged in the business of manufacturing and trading of chemicals, dyes and dyes intermediate, cattle feeds, fertilizers and soil conditioner. Its consolidated net profit jumped 47.1% to Rs 11.25 crore on a 26.3% decline in net sales to Rs 86.67 crore in Q4 March 2020 over Q4 March 2019.

The stock has surged 91.58% from its 52-week low of Rs 57 hit on 24 March 2020. It hit a 52-week high of Rs 143.50 on 20 February 2020.

On the technical front, the stock's RSI (relative strength index) stood at 46.286. 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 moving average (DMA) placed at 109.16 and its 200-day moving average (DMA) placed at 97.35.

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