Supriya Lifescience jumps on bargain hunting

Supriya Lifescience surged 5.26% to Rs 203 on bargain hunting after sliding for five trading sessions.

The stock fell 9.03% in the past five trading sessions to end at Rs 192.85 yesterday, from its recent closing high of Rs 212 recorded on 8 February 2023.

On the BSE, 76,631 shares were traded in the counter so far compared with average daily volumes of 43,506 shares in the past two weeks.

The stock hit a 52-week high of Rs 515.35 on 1 April 2022. The stock hit a 52-week low of Rs 179.10 on 15 February 2023.

The stock had underperformed the market over the past one month, declining 11.1% compared with 2.13% rise in the Sensex.

However, the scrip had underperformed the market in past three months, falling 13.01% as against Sensex's 0.7% fall.

The counter had also underperformed the market in past one year, sliding 53.07% as against 6.12% jump in Sensex.

On the technical front, the stock's daily RSI (relative strength index) stood at 41.070. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily chart, the stock is trading above its 50-day, 100-day, 200-day simple moving average (SMA) placed at 225.24, 249.48, 302.03 respectively. These levels will act as crucial resistance zones in near term.

Supriya Lifesciences is primarily engaged in manufacturing of Bulk drugs and pharmaceutical chemicals.

The company's net profit declined 76% to Rs 9.52 crore on 10.1% fell in net sales to Rs 105.14 crore in Q3 FY23 over Q3 FY22.

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