Anupam Rasayan India rises on signing LOI worth $120 mln

Anupam Rasayan India

23/03/2023 06:06

** Shares of industrial chemicals manufacturer Anupam
Rasayan India  ANUY.NS  rise as much as 3.36% to 856 rupees,
highest since March 22
    ** Stock on track for a third consecutive session of gain
    ** Co said it has signed letter of intent (LOI) worth $120
mln with a Japanese chemical company to supply new age advance
intermediate for life science active ingredient
    ** Share price above 50-day, 100-day and 200-day simple
moving averages, suggesting bullish trend
    ** ANUY's relative strength index above 70, indicating it is
overbought
    ** More than 836,000 shares change hands by 11:20 a.m. IST,
2.4x 30-day avg of 342,053 shares
    ** All 7 analysts covering the stock have a "buy" or "strong
buy" rating; median PT is 872 rupees - Refinitiv data
    ** Stock up ~21.9% YTD, as of last close, outperforming
Nifty 500 Index  .NIFTY500  which has fallen 6.4% 


 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))