However, the stock has been underperforming of late relative to its earlier run. In the last one month, the share price appreciated 9% and around 29% in the last 3 months.
Refex Industries is a specialist manufacturer and re-filler of refrigerant gases in India, particularly, environmentally acceptable gases that are replacements for Chloro-fluoro-carbons (CFC’s). These are used primarily as refrigerants, foam blowing agents and aerosol propellants.
According to the shareholding pattern available with the exchanges, the company is majority owned by promoters at 53.27%, while public shareholders own the rest 46.73%.
Among the public shareholders, mutual funds and foreign investors have no stake. Meanwhile, retail investors have a significant holding of 29% in the company.
In the recent September quarter, revenue from operations decreased 8% quarter-on-quarter to Rs 352 crore, while profit after tax increased marginally to Rs 21.43 crore.
Technical outlook – What should traders do?
Analysts said the momentum indicators are attractively poised for stock is outperforming the benchmark indices”The stock is showing an accumulation on the weekly chart. However, on the daily chart, the stock is trading sideways with 753 on the higher side and 644 on the lower side. Currently, the stock is close to the demand zone of 644 and 660. One can hold the stock with a stop loss of 644 for a target of 760 and 800 level,” said Mileen Vasudeo, Sr Technical Analyst, Arihant Capital
“The stock is trading above all the moving averages, with a strong support near 620. The resistance is near 750. Every dip is a buying opportunity for a target of Rs 750. Surpassing the target, it can then touch 1000 levels in the coming quarters,” said Vaibhav Kaushik, Research Analyst, GCL Broking
(With data inputs from Ritesh Presswala)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
(You can now subscribe to our ETMarkets WhatsApp channel)
Download The Economic Times News App to get Daily Market Updates & Live Business News.
Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.
Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
