India's Camlin Fine Sciences surges after getting open offer bid for 26% stake

Camlin Fine Sciences

17/04/2023 06:06

** Shares of Camlin Fine Sciences  CAMF.NS  rise as much as
14.2% to 173.80 rupees, mark sharpest intraday pct gain since
Oct. 14, 2022
    ** Stock hits highest level since Jan. 13, 2023; on track to
snap two consecutive sessions of losses, if gains hold
    ** Co said it received open offer bid of 160 rupees per
share from Infinity Direct Holdings and Infinity Direct Holdings
Sidecar I along with persons acting in concert
    ** Share price above 50-day, 100-day and 200-day simple
moving averages, suggesting bullish trend
    ** CAMF's relative strength index above 70, indicating it is
overbought
    ** Stock is witnessing its most active trading session in
almost 3 months since Jan. 23
    ** More than 1.3 mln shares change hands by 10:21 a.m. IST,
5.5x 30-day avg of 243,759 shares
    ** All 3 analysts covering the stock have a "buy" or "strong
buy" rating; median PT is 170 rupees - Refinitiv data
    ** Stock down ~5% YTD, as of last close 

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