Multibagger Alert: This specialty chemical stock has given a price volume breakout on Thursday
The share price of Privi Specialty Chemicals, a small cap multibagger, rose by more than 7 per cent on Thursday with a spike in volume. The volume spurt of more than 3 times was seen on BSE in shares of Privi Specialty Chemicals.
A long green candle was formed on Thursday. On daily chart green candle is seen for two consecutive days now even as the shares closed above the 9D SMA, indicating near term bullishness. The stock is already trading above the 30D EMA as well.
The shares of Privi Specialty Chemicals are on the verge of a multi-year breakout. The company has delivered good profit growth of 55.42 per cent CAGR over last 5 years while the company's median sales growth is 22.21 per cent for the last 10 years.
The share price of Privi Specialty Chemicals is up by 233 per cent in 2021 alone while in one month the stock is up by more than 12 per cent. Privi Specialty Chemicals is one of the several multibagger churned from the chemicals sector.
Privi Speciality Chemicals Limited (formerly known as Fairchem Speciality Limited) is India’s leading manufacturer, supplier, and exporter of aroma and fragrance chemicals and a globally trusted partner and supplier of bulk aroma chemicals.
The global aroma chemicals market size was valued at USD 5.5 billion in 2019 and is expected to grow at a compounded annual growth rate (CAGR) of 5.8% from 2020 to 2027. Growing demand from the fragrance industries is expected to be a major factor driving the market. Rapid urbanization, coupled with increased consumer spending, has led to augmented demand with fragrance being a prominent factor. The aroma chemicals market is growing as the demand for perfumes and body deodorants have increased substantially in recent years. The practice of using aroma chemicals in cosmetics and new product line-ups with toiletries have fuelled the market growth. Medical products and treatments using aromatic ingredients is expected to spur the growth of the industry.