Neogen Chemicals rose 3.62% to Rs 1645.75 on bargain hunting after recent steep losses.
Shares of Neogen Chemicals fell 8.10% in the past four trading sessions.On a year-to-date (YTD) basis, the stock has zoomed 123.51% while the benchmark Sensex has added 18.35% during the same period.
On the technical front, the stock's RSI (relative strength index) stood at 48.28. 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 below its 50-day and 100-day simple moving average (SMA) placed at 1684.87and 1666.95, respectively. It was above its 200-day SMA placed at 1519.98.
Neogen Chemicals is chemical manufacturing company specialising in bromine based compounds, Grignard, Reagents and Inorganic Lithium Salts.
On a consolidated basis, the company reported a 51.4% increase in net profit to Rs 11.17 crore on 38.1% rise in net sales to Rs 113.18 crore in Q2 FY22 over Q2 FY21.
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