Panama Petrochem rose 15.66% to Rs 297.70 after veteran investor Ramesh Damani acquired 1.26% stake in the company in October-December 2021 quarter.
As per the shareholding pattern for recently ended December 2021 quarter, Ramesh Damani held 6,16,379 shares, or 1.26% equity, of Panama Petrochem.In shareholding pattern of the company for September 2021 quarter, Ramesh Damani's name was not present in individual shareholders' list. This means, ace investor has bought these shares during Q3FY22, but it cannot be ascertained whether he bought these shares in a single transaction or in parts.
As on December 2021, promoter & promoter group held 71.11% in Panama Petrochem.
Shares of Panama Petrochem have risen 19.97% in three consecutive trading session.
In the past one year, the stock has surged 188.09% while the benchmark Sensex has added 24.15% during the same period.
On the technical front, the stock's RSI (relative strength index) stood at 83.42. 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, 100-day and 200-day simple moving average (SMA) placed at 253.82, 251.97 and 252.33, respectively.
On a consolidated basis, net profit of Panama Petrochem rose 235.61% to Rs 61.92 crore on 73.17% rise in net sales to Rs 563.32 crore in Q2 September 2021 over Q2 September 2020.
Panama Petrochem is one of the leading manufacturers and exporters of petroleum specialty products. It has four manufacturing units in India namely in Ankleshwar (Gujarat), Daman (Union Territory), Dahej (Gujarat, SEZ) and Taloja (Dist. Raigadh).
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU