After facing a rough few sessions, the shares of Manali Petrochemical Ltd has shown a sign of relief on Tuesday. The shares of the company have fallen 36% in the previous 30 sessions. As of Tuesday, the stock is trading at ₹98 and is up by 11.68% IST 14.06.

For the March quarter of 2022, the company reported consolidated net revenue of ₹413 crores which is a decrease of 15.54% compared to the December quarter. Net profit stood at ₹73 crores which is a decrease of 33.63% compared to the December quarter

The Board of directors of the company has recommended a dividend of ₹2.50 per share, which is 50% of its face value. The approval for the issue of dividends is subject to the approval of the shareholders at the ensuing Annual General Meeting.

Technical Analysis

There is no news regarding the company which has caused the increase in share price. The stock had faced a major correction and was bound for a rebound.

The RSI on daily charts was at 30 points on Monday which indicated that the stock had been oversold. But since the share jumped 10% on Tuesday, the RSI has touched 45 points.

The share has formed a falling wedge pattern which is a reversal pattern. The share might give a bullish breakout if the price can break the resistance line. 

Written By – Aaron Vas

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