Shares of PI Industries rose sharply in Thursday’s trade after declaring December quarter (Q3 FY23) results. The stock surged 9.27 per cent to hit a day high of Rs 3,410.70 over its previous close of Rs 3,121.25. The company posted a 58.04 per cent increase in net profit, at Rs 351.80 crore, for the December quarter of FY23 from the year-ago period. PI Industries’ sales jumped 18.94 per cent to Rs 1,613.20 crore in Q3 FY23 against Rs 1,356.30 crore in Q3 FY22.
Around 56,000 shares changed hands today on BSE, which was nearly six times higher than PI Industries’ two-week average volume of 9,510 shares. Turnover on the counter stood at Rs 18.51 crore, commanding a market capitalisation (m-cap) of Rs 50,795.98 crore. There were 16,049 buy orders against sell orders of 4,730 shares.
At today’s high price of Rs 3,410.70, PI Industries traded 7.78 per cent lower from its 52-week high of Rs 3,698.50, hit on November 9 last year. That said, the stock has 44.95 per cent from its one-year low of Rs 2,352.95, touched on March 7, 2022.
Support on the counter could be seen at Rs 3,150, followed by Rs 3,200 level, technical analysts said.
Osho Krishan, Senior Analyst – Technical & Derivative Research at Angel One, said, “PI Industries has seen strong traction in the past two trading sessions and has rebounded from the 200-SMA (Simple Moving Average) on the daily chart. On the technical front, the stock has soared from the oversold territory and looks promising in the comparable period. As far as levels are concerned, the breakout from the Rs 3,200 mark is expected to act as immediate support, followed by the 200-SMA placed around Rs 3,070-odd levels. While on the contrary, a decisive closure above Rs 3,450 could open room for it to re-test the lifetime high level of Rs 3,698 from a short to medium-term perspective.”
AR Ramachandran from Tips2trades said, “Strong Q3 FY23 results have led to a sharp uptrend in PI Industries today. A daily close above Rs 3,245 can lead to targets of Rs 3,445-3,592 in the coming days. Support will be at Rs 3,150.”
The stock was last seen trading higher than 5-day, 20-, 50-, 100- and 200-day moving averages. The counter’s 14-day relative strength index (RSI) came at 62.94. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company’s stock has a price-to-equity (P/E) ratio of 41.66.
PI Industries has an average target price of Rs 3,758.75, Trendlyne data showed, suggesting a potential downside of 12.06 per cent. The scrip has a one-year beta of 0.83, indicating low volatility on the counter.
The agricultural solutions company provides innovative solutions and technologies for crop protection and plant nutrients. It operates in four key business segments — agri inputs, fine chemicals, custom synthesis and biotechnology.
Meanwhile, Indian equity benchmarks traded higher in late deals today, led by gains in technology and metal stocks. As of 2:06 pm, the 30-share BSE Sensex pack rose 190 points or 0.31 per cent to trade at 61,465; while the broader NSE Nifty index moved 60 points or 0.33 per cent higher to trade at 18,075.
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