Dhanuka Agritech rose 6.64% to Rs 874.35 after consolidated net profit surged 253.03% to Rs 51.79 crore on 70.72% jump in net sales to Rs 373.84 crore in Q1 June 2020 over Q1 June 2019.
Profit before tax (PBT) soared 234.02% to Rs 69.21 crore in Q1FY21 as against Rs 20.72 crore in Q1FY20. Current tax expense for the quarter gained 135.15% at Rs 17.19 crore as against Rs 7.31 crore paid in Q1FY20. The Q1 earnings were announced during trading hours today, 22 July 2020.
Meanwhile, the company said its board approved a proposal to buyback shares worth up to Rs 100 crore at a price not exceeding Rs 1,000 per share. At the maximum buyback price and the maximum buyback size, the indicative maximum number of equity shares bought back would be 10 lakh equity shares. The board also noted the intention of promoters and promoters group of the company to participate in the proposed buy back.
On the technical front, the stock's RSI (relative strength index) stood at 82.973. 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 moving average (DMA) placed at 659.87 and its 200-day moving average (DMA) placed at 457.88.
Dhanuka Agritech manufactures insecticides, pesticides and other chemicals. The company has technical tie-ups with 4 American and 6 Japanese companies.
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