Post successful mechanical completion and plant trials the company’s cGMP capacity addition at Dewas plant in Madhya Pradesh, the firm has commenced commercial production with effect from 6 January 2020, the company said in a regulatory filing on Tuesday.
The stock hit an intraday high of Rs 1,083.95, which is also a record high for the counter. It has risen 8.8% in two sessions from a recent closing low of Rs 979.75 on 6 January 2019.
On a consolidated basis, the company’s net profit rose 27.1% to Rs 47.34 crore on a 7.7% increase in net sales to Rs 272.94 crore in Q2 September 2019 over Q2 September 2018.
Navin Fluorine International is one of the manufacturers of speciality fluorochemicals.
On the technical front, the stock’s RSI (relative strength index) stood at 73.27. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
The stock was currently trading above its 50-day moving average (DMA) placed at Rs 924.01 and its 200 DMA placed at Rs 756.23.
