Laxmi Organic Industries surged 7.68% to Rs 253 on bargain hunting after recent steep slide.
Shares of Laxmi Organic Industries slumped 11% in the past seven sessions.The stock hit a 52-week high of Rs 493.30 on 7 April 2022. The stock hit a 52-week low of Rs 234.05 on 16 March 2023.
The stock outperformed the market over the past one month, falling 4.83% compared with 5.47% fall in the Sensex.
The scrip underperformed the market in past one quarter, sliding 17.42% compared with 5.98% fall in the Sensex.
The scrip underperformed the market in past one year, slipping 40.53% compared with 0.34% fall in the Sensex.
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On the technical front, the stock's daily RSI (relative strength index) stood at 44.19. 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 below its 50-day, 100-day and 200-day simple moving average (SMA) placed at 269.89, 286.47 and 305.21, respectively.
Laxmi Organic Industries is a leading manufacturer of Acetyl Intermediates and Specialty Intermediates with almost three decades of experience in large scale manufacturing of chemicals.
The company's consolidated net profit slumped 61.4% to Rs 27.23 crore in Q3 FY23 as against Rs 70.54 crore reported in Q3 FY22. Revenue from operations stood at Rs 654.64 crore in the quarter ended 31 December 2022 from Rs 859.88 crore posted in Q3 FY22, registering a decline of 23.87%.
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