Panama Petrochem corrects for-profit sales

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Panama Petrochem fell 4.04% to Rs 305 on the profit sell after recent strong gains.

Shares of Panama Petrochem have jumped 28.09% over the past four trading sessions.

The stock rallied after the company’s recent shareholding disclosure showed veteran investor Ramesh Damani acquired a 1.26% stake in the company during the October-December 2021 quarter. .



As per the shareholding pattern for the recently closed December 2021 quarter, Ramesh Damani owned 6,16,379 shares, or 1.26% of the shares, of Panama Petrochem.

In the company’s shareholding plan for the September 2021 quarter, the name of Ramesh Damani was not present in the list of individual shareholders. This means that an ace investor bought these shares during T3FY22, but it is impossible to determine whether he bought these shares in one transaction or in several parts.

In December 2021, the promoter and the promoter group owned 71.11% of Panama Petrochem.

Over the past year, the stock has jumped 203.84% while the benchmark Sensex has added 24.20% over the same period.

On the technical side, the RSI (relative strength index) of the stock stood at 57.59. The RSI fluctuates between zero and 100. Traditionally, the RSI is considered overbought when it is above 70 and oversold when it is below 30.

The stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 275, 261.69 and 258.66, respectively.

On a consolidated basis, Panama Petrochem’s net profit increased by 235.61% to Rs 61.92 crore on a 73.17% increase in net sales to Rs 563.32 crore in Q2 September 2021 from as of Q2 September 2020.

Panama Petrochem is a leading manufacturer and exporter of specialty petroleum products. It has four manufacturing units in India, namely at Ankleshwar (Gujarat), Daman (Union Territory), Dahej (Gujarat, SEZ) and Taloja (Dist. Raigadh).

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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