Panama Petro hits record high; jumps about 18% in three days

29 Nov 2022 , 09:59 AM

Shares of Panama Petrochem have surged 17.87% in three sessions. The stock hit a record high of Rs 424.75 today, 29 November 2022. The stock hit a 52-week low of Rs 212.50 on 25 February 2022. The stock had outperformed the market over the past one month, rising 45.75% compared with 4.58 % rise in the Sensex. The scrip outperformed the market in past three months, climbing 32.93% as against Sensexs 8.16% rise. The scrip had also outperformed the market in past one year, soaring 77.34% as against Sensexs 9.51% rise. On the technical front, the stocks daily RSI (relative strength index) stood at 86.87. 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 308.83, 302.25 and 289.52, respectively. Panama Petrochem is one of the leading manufacturers and exporters of more than 80 variants of petroleum specialty products. The products are vital for various industries like inks and resins, textiles, rubber, pharmaceuticals, cosmetics, power, cables and other industrial purposes. On a consolidated basis, net profit of Panama Petrochem rose 8.90% to Rs 67.43 on 8.97% increase in net sales to Rs 613.84 crore in Q2 September 2022 over Q2 September 2021. Powered by Capital Market – Live News