Panama Petrochem corrects on profit selling

7 Jan 2022 , 03:16 PM

Shares of Panama Petrochem spurted 28.09% in the past four trading sessions.

The stock rallied after the companys recent shareholding disclosure showed that veteran investor Ramesh Damani acquired 1.26% stake in the company during October-December 2021 quarter.

As per the shareholding pattern for recently ended December 2021 quarter, Ramesh Damani held 6,16,379 shares, or 1.26% equity, of Panama Petrochem.

In shareholding pattern of the company for September 2021 quarter, Ramesh Damanis name was not present in individual shareholders list. This means, ace investor has bought these shares during Q3FY22, but it cannot be ascertained whether he bought these shares in a single transaction or in parts.

As on December 2021, promoter & promoter group held 71.11% in Panama Petrochem.

In the past one year, the stock has surged 203.84% while the benchmark Sensex has added 24.20% during the same period.

On the technical front, the stocks RSI (relative strength index) stood at 57.59. 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, 100-day and 200-day simple moving average (SMA) placed at 275, 261.69 and 258.66, respectively.

On a consolidated basis, net profit of Panama Petrochem rose 235.61% to Rs 61.92 crore on 73.17% rise in net sales to Rs 563.32 crore in Q2 September 2021 over Q2 September 2020.

Panama Petrochem is one of the leading manufacturers and exporters of petroleum specialty products. It has four manufacturing units in India namely in Ankleshwar (Gujarat), Daman (Union Territory), Dahej (Gujarat, SEZ) and Taloja (Dist. Raigadh).

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