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P I Industries gains on launching QIP issue

Capital Market 

P I Industries rose 1.61% to Rs 1,587.85 after the company launched a qualified institutional placement (QIP) of equity shares on 2 July 2020.

The QIP issue was launched at a floor price of Rs 1,534.24 per share. The company's board will meet on 7 July 2020 to determine the issue price of the QIP.

On the technical front, the stock's RSI (relative strength index) stood at 54.586. 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 1,542.83 and its 200-day moving average (DMA) placed at 1,441.07.

P I Industries' consolidated net profit dropped 11.9% to Rs 110.70 crore on 6.3% rise in net sales to Rs 855.20 crore in Q4 March 2020 over Q4 March 2019.

P I Industries manufactures agricultural and fine chemicals, and polymers. The company produces fine chemicals, crop protection, plant nutrients, and seeds, and engineering plastics for use in the automobile, electrical, and home appliances industries.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Fri, July 03 2020. 09:43 IST
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