Vinati Organics spurts on value buying

Vinati Organics spurted 9.76% to Rs 1871.90 on value buying after recent losses.

Shares of Vinati Organics tumbled 11.78% in the past six trading sessions.

In the past one year, the stock has jumped 31.73% while the benchmark Sensex has added 9.43% during the same period.

On the technical front, the stock's RSI (relative strength index) stood at 61.62. 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 below its 100-day and 200-day simple moving average (SMA) placed at 1875.07 and 1939.58, respectively. It was, however, trading above its 50-day SMA placed at 1839.60.

On a consolidated basis, net profit of Vinati Organics rose 29.75% to Rs 83.22 crore on 65.10% rise in net sales to Rs 368.95 crore in Q3 December 2021 over Q3 December 2020.

Vinati Organics is a leading manufacturer of specialty chemical and organic intermediaries with a market presence spanning over 35 countries in the world.

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