J B Chemical hits record high; rises 10% in three days

2 Jul 2021 , 12:17 PM

Shares of J B Chemicals & Pharma have zoomed 10.8% in three trading sessions from its previous closing low of Rs 1,628.85 on 29 June 2021. The counter hit a record high of Rs 1,830 in intraday today. The stock has surged 157.3% from its 52-week low of Rs 701.45 recorded on 3 July 2020.

On the BSE, 45,546 shares were traded in the counter so far compared with average daily volumes of 11,224 shares in the past two weeks. In last one month, the stock has risen 19.45% compared with 0.6% rise in Nifty 50 index.

On the technical front, the stocks RSI (relative strength index) stood at 81.507. 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 and 100 days simple moving average placed at 1478.51 and 1334.82 respectively. These levels will act as crucial support zones in near term.

J B Chemicals and Pharmaceuticals is a pharmaceutical company and a leading player in the hypertension segment. The company posted a 100.7% jump in consolidated net profit to Rs 100.61 crore on 19.1% rise in net sales to Rs 528.46 crore in Q4 FY21 over Q4 FY20.

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