Indian chemicals maker Atul falls after Q4 profit slump

Atul

28/04/2023 10:39

** Shares of Atul  ATLP.NS  fall as much as 3.4% to 6,770
rupees, hitting their lowest level since Mar. 16
    ** The diversified chemicals maker, in its Q4 results,
reported a 31.33% Y/Y slump in consolidated net profit and 12.8%
fall in revenue from ops
    ** Co also declared dividend of 25 rupees per share
    ** Share price below 50-day, 100-day and 200-day simple
moving averages, suggesting bearish trend
    ** Stock's moving average convergence divergence (MACD) line
below the signal line, implying a bearish trend
    ** Stock witnessing its most active trading session since
Jan. 23
    ** More than 84,000 shares change hands by 2:42 p.m. IST,
3.2x 30-day avg of 26,196 shares
    ** Two of the 9 analysts covering stock have a "strong buy"
rating, 5 "hold," while 1 rate it "sell" and 1 "strong sell;"
median PT is 8,322.50 rupees - Refinitiv IBES data 
    ** Stock down over 15% YTD, as of last close,
underperforming Nifty 500 index  .NIFTY500  which is down 2.4%


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