Balaji Amines, a BSE500 company with a market capitalization of about Rs 7,100 crore, is engaged in the business of manufacturing methylamines, ethylamines, and derivatives of specialty chemicals and natural products. It supplies products to pharma and pesticide companies in India and across the world. It has an EPS of 70.23 on a trailing twelve month (TTM) basis and the stock is currently trading at a PB of 5.12.
According to the latest shareholding pattern available with the exchanges, promoters own majority of the stake at 53.70%, while the rest of 46.30% lies with the public shareholders.
Among the public shareholders, mutual funds have negligible stake, while foreign investors have a meagre 3.87%. Retail investors have a combined holding of about 36% in the company.
For the quarter ended March, total revenues fell 40% YoY to Rs 471 crore as compared to Rs 780 crore in Q4FY22. PAT for the same period stood at Rs 47.4 crore, nearly halved from the previous year period.
Technical outlook – What should investors do?
Analysts say the stock is currently displaying bullish signals and if it sustains above the support levels, more upside is expected.
“Balaji Amines stock is trading near a trend line support. On a daily chart, it has made some bullish engulfing in recent times. If it is able to sustain above Rs 2,120, it can touch it’s 200 DEMA (double exponential moving average), which lies at Rs 2,468,” said Vaibhav Kaushik, Research Analyst, GCL Broking
(With data inputs from Ritesh Presswala)
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