Jubilant Ingrevia has been in an uptrend since it got listed on the exchanges. It hit a record high of Rs 671 on July 22. A recent breakout suggests a further upside up to Rs 730-750 in the next 3-6 months.
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Jubilant Ingrevia, a demerged entity from Jubilant Life Sciences, which has already doubled investors’ wealth since March, could be staring at another fresh high and a gain of about 20 percent from current levels, post the breakout seen on the daily chart.
Jubilant Ingrevia, a global integrated Life Science products and innovative solutions provider, serves the pharmaceutical, nutrition, agrochemical, consumer, and industrial customers with customised products.
The stock has been in an uptrend since it got listed on the exchanges. It hit a record high of Rs 671 on July 22, but the recent breakout (on July 20) from the upper Bollinger Band suggests a further upside up to Rs 730-750 in the next 3-6 months. This translates into an upside of about 20 percent from the July 23 closing price of Rs 629.
Bollinger Bands plot trading bands above and below a simple moving average. The standard deviation of the closing prices for a period equal to the moving average employed is used to determine the bandwidth.
This causes the bands to tighten in quiet markets and loosen in volatile markets. The bands can be used to determine overbought and oversold levels, locate reversal areas, project targets for market moves, and determine appropriate stop levels.
“The stock is in an uptrend making higher highs and higher lows on the daily chart since listing. For the last 6 weeks, the stock had been consolidating its gains after the rally,” Ashish Chaturmohta, Director, Research, Sanctum Wealth Management, said.
“Now, for the last two days, the stock has seen huge volumes with a positive price action, indicating buying participation. The price has given a breakout above the Upper Bollinger Band, suggesting the start of a new uptrend,” he said.
Chaturmohta recommends investors to buy the stock at current levels and on dips at Rs 570, with a stop-loss of Rs 540, for a target at the Rs 730-750 levels in the coming 3-6 months.
On the earnings front, the company reported a total income of Rs 1,150.54 crore for the quarter ended June 30, 2021 as compared to Rs 686.73 crore during the period ended March 31, 2021.
The company has posted a net profit of Rs 168.26 crore for the June quarter, compared to a net profit of Rs 54.36 crore in the previous quarter.
“Jubilant Ingrevia is a demerged entity from Jubilant Life Sciences. Ingrevia has guided for Rs 950 crore in capex across all segments, in the next 3 years. [Net block – 1800 cr (FY21)]* The capex is targeted towards key growth areas such as Diketene derivatives, CDMO, agro-ingredients and nutrition pre-mix plant, which should enhance overall margin profile of the company,” says Chaturmohta.
He further added that, on this count, the company has guided for EBITDA margins to increase to about 20 per cent over the medium term from about 17 per cent in Q4FY21.
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