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Atul hits 52-week low; drops 8% in seven days

11 May 2022 , 02:56 PM

Shares of the chemical maker declined 8.61% in seven trading days from its previous closing high of Rs 8,952.80 posted on 29 April 2022. The stock hit its 52-week low of Rs 8,028.4 in intraday trade today. The counter saw selling pressure after the company reported weak Q4 earnings on 26 April 2022. The specialty chemical company posted a 22.2% decline in consolidated net profit to Rs 136.26 crore despite of a 22.8% rise in revenue from operations to Rs 1,370.42 crore in Q4 FY22 over Q4 FY21. Profit before tax in Q4 FY22 stood at Rs 181.79 crore, down by 23% from Rs 236.12 crore in Q4 FY21. Total expenses during the quarter increased by 34.7% YoY to Rs 1,212.68 crore, due to higher raw material costs (up 30.3% YoY), higher power, fuel and water charges (up 46.2% YoY) and higher other expenses (up 33.9% YoY). On the technical front, the stocks RSI (relative strength index) stood at 21.446. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30. The stock is trading above its 50,100 and 200 days simple moving average placed at 9450.83, 9401.77 and 9328.96 respectively. These levels will act as crucial resistance zones in near term. Atul is an integrated chemical company. The company operates through two segments: life science chemicals, and performance and other chemicals. Powered by Capital Market – Live News

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