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Shares of Balaji Amines zoomed 27.2% in six trading sessions from its previous closing low of Rs 4037.75 on 6 September 2021. The counter hit a record high of Rs 5,220 in intraday today. The stock has surged 590% from its 52-week low of Rs 744 recorded on 22 September 2020.
In last one month, the stock has moved 50% higher as compared to a 5.5% rise in Nifty SmallCap 50 index.
On the technical front, the stock's RSI (relative strength index) stood at 88.855. 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 3472.23 and 3039.43 respectively. These levels will act as crucial support zones in near term.
Balaji Amines makes methylamines, ethylamines, derivatives of specialty chemicals and pharma excipients. The company is one of the leading manufacturers of aliphatic amines in India. The company's consolidated net profit soared 208.39% to Rs 97.39 crore on a 101.59% increase in total revenue from operations to Rs 451.94 crore in Q1 FY22 over Q1 FY21.
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