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Plutus Wealth buys stake in BASF India via bulk deal

Capital Market 

On Monday, 14 September 2020, Plutus Wealth Management bought 3.10 lakh equity shares (0.72% equity) of BASF India at Rs 1,545.83 per share through bulk deal on National Stock Exchange (NSE).

BASF India reported a net loss of Rs 29.15 crore in Q1 June 2020 as against net profit of Rs 8.20 crore in the corresponding period last year. Net sales rose 9.7% to Rs 1,765.98 crore in Q1 June 2020 from Rs 1,609.46 crore Q1 June 2019.

BASF India is engaged in providing chemicals, plastics, performance products and crop protection products.

Shares of BASF India rose 0.63% to Rs 1,551.50 on BSE. The stock has soared 95.15% from its 52-week low of Rs 795 hit on 13 March 2020.

On the technical front, the stock's RSI (relative strength index) stood at 60.682. 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 1,395.63 and its 200-day moving average (DMA) placed at 1,126.86.

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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: Tue, September 15 2020. 15:17 IST