India's Ami Organics hits over 7-mnth high on foray into chip industry

Acutaas Chemicals

24/04/2023 05:39

** Shares of specialty chemicals maker Ami Organics Ltd
 AMIO.NS  rise as much as 4.1% to 1099.75 rupees, hitting their
highest since Sept. 15, 2022, last up 1.6%
    ** Co forays into semiconductor industry through purchase of
55% stake in Baba Fine Chemicals (BFC), a maker of specialty
chemicals used in chip and electronic industry
    ** Deal at a consideration of 682 mln rupees ($8.3 mln)
    ** Stock trading above its 50-, 100-, and 200-day moving
averages
    ** Relative Strength Index above 70, at 78.70, suggesting
that stock is overbought
    ** Moving Average Convergence Divergence (MACD) line above
the signal line since April 5, suggesting bullish momentum
    ** All of five analysts covering stock have a "buy" or
higher rating; median PT is 1,335 rupees - Refinitiv data
    ** Stock up 9.5% so far this year, up to last close



($1 = 82.0850 Indian rupees)

 (Reporting by Dimpal Gulwani in Bengaluru)
 ((dimpal.gulwani@thomsonreuters.com))