Hikal jumps 11% in five days

7 Dec 2022 , 01:06 PM

Shares of the pharmaceutical company jumped 11.2% in five trading sessions from its recent closing low of Rs 339.35 on 30 November 2022. On the BSE, 76,980 shares were traded in the counter so far compared with average daily volumes of 20,786 shares in the past two weeks. The stock hit a high of Rs 381.9 and a low of Rs 351.8 so far during the day. The stock hit a 52-week high of Rs 595 on 6 January 2022. The stock hit a 52-week low of Rs 215.65 on 20 June 2022. The stock had outperformed the market over the past one month, rising 9.77% compared with 2.18% increase in the Sensex. The scrip had outperformed the market in past three months, jumping 12.84% as against Sensexs 5.91% rise. However, the counter had underperformed the market in past one year, declining 25.38% as against Sensexs 8.48% jump. On the technical front, the stocks daily RSI (relative strength index) stood at 71.089. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30. On the daily chart, the stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 336.08, 319.11 and 335.78, respectively. These levels will act as crucial support zones in near term. Hikal is engaged in the manufacturing of various chemical intermediates, specialty chemicals, active pharmaceutical ingredients (APIs) and contract research activities. The companys consolidated net profit tumbled 43.6% to Rs 24.84 crore in Q2 FY23 from Rs 44.06 crore recorded in Q2 FY22. Net sales jumped 20.1% year on year to Rs 557.03crore in Q2 FY23. Powered by Capital Market – Live News